On the advice of her lawyers, Tolstedt declined to be interviewed for the investigation.
A lawyer for Tolstedt did not immediately respond to requests for comment from Reuters on Monday morning. A lawyer for Stumpf declined to comment on the report.
Wells Fargo said Tolstedt had been fired for cause and would forfeit her outstanding stock options with an approximate value of $47.3 million.
Wells Fargo said it would claw back approximately $28 million of Stumpf’s bonus, which was paid in March 2016.
The bank has fired five senior retail bank executives, including Tolstedt, over the scandal and imposed forfeitures, clawbacks and compensation adjustments on senior leaders totaling more than $180 million, including $69 million from Stumpf and $67 million from Tolstedt.
Since the scandal broke, the bank has seen a steady decline in the number of consumers opening checking and credit card accounts and has lost its status as America's most valuable bank by market value.
The U.S. Justice Department is investigating whether executives hid details from the company board and regulators, people familiar with the matter have told Reuters. U.S. Attorney offices in San Francisco and Charlotte, North Carolina, are investigating.
The Justice Department declined to comment on the report on Monday.
A Noteworthy Risk
Sales practices were identified as a “noteworthy risk” to the board and its risk committee, of which Sanger was a member, in 2014 after a series of stories in the Los Angeles Times detailed some of the practices.