Sloan’s pay is now 283 times more than the median pay of the bank’s more than 200,000 employees.
Wells Fargo's chief executive Tim Sloan is sworn in before testifying in a House Financial Services Committee hearing on Tuesday in Washington. By Renae Merle Renae Merle Reporter covering white-collar crime and Wall Street Email Bio Follow March 14 at 12:18 PM On Tuesday, lawmakers scolded Wells Fargo chief executive Tim Sloan for hours, telling him the bank had not done enough to rehabilitate itself after years of scandals about its allegedly abusive practices toward customers.
“Would have loved to ask questions about this,” Rep. Katie Porter , who questioned the sincerity of Wells Fargo’s efforts to reform itself during Tuesday hearing, said about Sloan’s pay raise on Twitter.To be sure, despite his raise, Sloan earns less than many of his competitors. Jamie Dimon, the chief executive of JPMorgan Chase, earned $31 million last year after the bank reported record profits. Bank of America’s Brian Moynihan received a 15 percent raise to $26.5 million.
Wells Fargo has stood out the sustained backlash from its admission two years ago that it had opened millions of sham accounts customers didn’t want and more recently saying it had mistakenly foreclosed on hundreds of customers and improperly repossessed thousands of cars.
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