Marketplace lender Zopa has completed its first loan securitisation, which is also the first securitisation of consumer loans by a UK marketplace lender. AltFi reports that Zopa raised £129 million, paying 145 basis points over one-month Libor on the senior notes, which have a weighted average life of 0.9 years. Another UK marketplace lender, Funding Circle, securitised a portfolio of business loans in April. The board of US bank Wells Fargo has bowed to pressure over its mis-selling scandal and has announced that chief executive John Stumpf will forfeit US$41 million of unvested equity and will forgo his salary for an unspecified period. CNBC reports that the former head of the community banking division Carrie Tolstedt will not receive a severance payment. The board is also launching an investigation into the bank's practices. The bank was found to have opened two million fee-generating accounts without the permission or knowledge of customers affected.