Wells Fargo & Co gave Chief Executive Tim Sloan a 5 percent pay raise for 2018, ...
- Wells Fargo & Co gave Chief Executive Tim Sloan a 5 percent pay raise for 2018, the bank said on Wednesday.
Sloan’s base salary remained flat at $2.4 million, he earned $14 million stock awards and the board awarded him a $2 million bonus based on the bank’s financial performance and other factors, according to a company filing.Wells Fargo released compensation details one day after Sloan appeared before the House Financial Services Committee to show to lawmakers that the bank has reformed since 2016 revelations that it created millions of unauthorized customer accounts.
His pay rise may draw further scrutiny from lawmakers, including Representative Maxine Waters and progressive firebrand Senator Elizabeth Warren, who have called for Sloan to step down. During the hearing, committee chair Waters criticized regulators including the U.S. Federal Reserve, saying they had not been tough enough on the country’s fourth-largest lender.
“The Federal Reserve does not approve pay packages. We expect boards of directors to hold management accountable,” said a Fed spokesperson in an emailed statement when asked about Wells Fargo’s latest executive compensation numbers.
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