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Home / Business / Wells Fargo CEO Tim Sloan's salary increased to $ 18.4 million last year

Wells Fargo CEO Tim Sloan's salary increased to $ 18.4 million last year



Sloan's compensation, an increase of almost 5% over 2017, was released on Wednesday in a regulatory filing.

Wells Fargo ( WFC ) refused to comment on the increase.
Sloan did less than his main peers. JPMorgan ( JPM ) CEO Jamie Dimon received a $ 31 million payment package for 2018 while Bank of America ( BAC ]] Brian Moynihan, CEO, received compensation of nearly $ 23 million, according to regulatory submissions.

However, most of Sloan's increase came from a bonus ̵

1; his first as CEO.

The company's last power of attorney was also issued a new offense provision related to 2019 compensation, and whether Wells Fargo's regulatory issues have been resolved.

The document was filed one day after the CEO testified before the congress and said that the bank is still working right past wrong.
On Tuesday, Sloan tried to convince lawmakers that Wells Fargo has abandoned the aggressive sales tactics that led to the creation of millions of counterfeit accounts and other issues, such as charging thousands of car insurance customers they did not need and imposing unauthorized home loan mortgages.

"Our corporate culture is significantly improved," he told the House Financial Services Committee.

Sloan has spent the past two years as CEO to clean up the bank.

But in early 2018, federalist Wells Fargo put in the penalty area and introduced a high-quality asset capital for "widespread consumer abuse." Capen, who keeps the bank from growing, remains in place.

On Tuesday, Sloan outlined the leadership shakeup on the company and new measures to limit the risk, while admitting that Wells Fargo has more work to do.

"Doing right does not stop just repairing damage and rebuilding confidence," he says.

But lawmakers from both parties were critical of Sloan.

Chairman Maxine Waters, a Democrat, said he has not been in able to keep Wells Fargo out of trouble. She asked if the bank was "downsized" and said the regulators should consider replacing him.

Rapporteur Patrick McHenry, a Republican, also showed frustration, asking Sloan if the scandals were over , or if several negative headlines would surface.

"I can't control the media," Sloan said. "There is nothing else I know we haven't revealed."

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


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