John Stumpf's Decision To Forgo $41 Million In Pay Is A 'Good First Effort'

The scandal plaguing Wells Fargo & Co WFC is showing no signs of dying down and the company's CEO John Stumpf's decision to forego $41 million in pay may not be sufficient.

In an interview with Bloomberg Television Wednesday, FBR Capital Markets' banking analyst Paul Miller said Stumpf's decision is a "good first effort" but the question he does not yet have the answer to is: "is it enough?"

Stumpf voluntarily gave up millions of dollars owed to him as part of a performance package dating back to 2013. A former executive, Carrie Tolstedt, will also forgo $19 million in unvested stock and both executives will not receive a bonus this year.

Related Link: Here's How Sell-Side Analysts Responded To Wells Fargo's Cross-Sales Scam Story

Meanwhile, Senator Elizabeth Warren continues hounding the bank and its executives. She described Stumpf's decision to forego pay as being just a "small step in the right direction" but "nowhere near real accountability."

Warren added that Stumpf, unlike the thousands of employees who were fired, will keep his job and "most of the millions of dollars he made while this massive fraud went on right under his nose."

Brian Kleinhanzl, an analyst with KBW, was quoted by Bloomberg as suggesting that Stumpf's monetary loss "should be enough to quell the outrage of interested parties." In addition, the bank's management team should now be able to "manage through the scandal" with its current executive team intact.

In the meantime, Wells Fargo's independent board directors will oversea an investigation into the scandal and could result in further compensation changes or employment actions.