Wells Fargo is not likely to take back any of the millions in annual pay and share and cash bonuses paid to Carrie Tolstedt, until recently the executive in charge of its banking unit where thousands of employees allegedly cheated customers over the last five years.

On Thursday, Wells Fargo agreed to pay $185 million to regulators, including $100 million to the Consumer Financial Protection Bureau, to settle claims that it defrauded millions of customers since at least 2011 by opening millions of unauthorized deposit, debit and credit card accounts.

Tolstedt, Wells Fargo’s highest ranking female executive, led the bank’s community banking division from the bank’s merger in 2008 with Wachovia until her retirement in July. Regulators alleged the frauds in the businesses she managed have been going on since at least 2011. Tolstedt earned $9.05 million in annual pay and $7.3 million more in cash and stock bonuses in 2015, Read More