“These are important first steps,” Warren said in a statement. “But I do not believe these actions are adequate.” She asked the board to brief her office on its decisions and review.

Board Review

Wells Fargo’s board said its independent directors will lead a company investigation into the matter, working with the human resources committee and the law firm Shearman & Sterling LLP. The inquiry may result in further compensation changes or employment actions, the company said.

That could include evaluating whether top executives such as Stumpf should keep their posts, according to a person with knowledge of the panel’s deliberations.

This article was provided by Bloomberg News.

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