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Home / Business / Tim Sloan, CEO of Wells Fargo, rose last year to $ 18.4 million

Tim Sloan, CEO of Wells Fargo, rose last year to $ 18.4 million



Sloan's compensation, an increase of nearly 5% compared to 2017, was announced on Wednesday in a regulatory filing.

Wells Fargo ( WFC ) declined to comment on the increase.
Sloan made less than his main colleagues. JPMorgan ( JPM ) Chairman of the Board Jamie Dimon received a salary package of $ 31 million in 2018, while Bank of America ( BAC ) CEO Brian Moynihan received compensation of close to $ 23 million, according to official records.

The bulk of Sloan's rise came from a bonus ̵

1; his first as Chairman.

The Company's latest representative also filed a motion for a new compensation scheme, which is bound by the 2019 compensation, and whether Wells Fargo's regulatory issues will be resolved.

The document was filed one day after the CEO testified before the congress, saying the bank was still working to do wrong. [SLM19659010] On Tuesday, Sloan tried to convince lawmakers that Wells Fargo had abandoned the aggressive sales tactics that would have led to the creation of millions of counterfeit accounts and other issues, such as charging thousands of auto insurance customers who did not need them and the imposition of unjustified mortgage fees on homeowners.

Services Committee.

Sloan has been trying to clean up the bank over the last two years as CEO.

But in early 2018, the US Federal Reserve put Wells Fargo in the box and instituted an unprecedented cap on "widespread abuse of consumers." The upper limit, which keeps the bank growing, remains.

Sloan described Tuesday's corporate restructuring and new risk mitigation measures, while Wells Fargo has more work to do.

"Doing right does not stop, just repair damage and rebuild trust," he said.

But the legislators of both parties criticized Sloan.

Chairman Maxine Waters, a Democrat, said he could not keep Wells Fargo out of trouble. She asked if the bank should be "downsized" and said regulators should consider replacing him.

The ranking member, Patrick McHenry, a Republican, also showed frustration. He asked Sloan if the scandals were over or if there were more negative headlines.

"I can not control the media," Sloan said. "There's nothing else I know we did not announce."

Wells Fargo's stock fell 24% in 2018. By comparison, the entire S & P 500 fell 6% over the same period, but was a terrible year for financial services companies.


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