Wells Fargo & Co's WFC -0.98% "sandbagger"-in-chief is leaving the giant bank with an enormous pay day—$124.6 million.

In fact, despite beefed-up "clawback" provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring its former consumer banking chief Carrie Tolstedt to give back any of her nine-figure pay. Until recently, Tolstedt was in charge of the unit where Wells Fargo employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees internally referred to as "sandbagging."