Wells Fargo & Co.'s board is likely to decide on whether to claw back pay from former retail-banking head Carrie Tolstedt and Chief Executive John Stumpf ahead of a congressional hearing on Thursday, the Wall Street Journal reported.

The bank could make the decision as soon as Tuesday, the Journal reported, citing a person familiar with the matter.

Stumpf has come under fire following allegations that the bank's employees had set up as many as 2 million accounts and credit cards in customers' names without their consent.

Lawmakers on the U.S. Senate Banking Committee grilled Stumpf about the accounts last week, with some calling on him to resign and forfeit his earnings and hold other senior executives accountable.

Wells Fargo could not be immediately available for comment.