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.
However, most of Sloan's increase came from a bonus ̵[ads1]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.
"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.
