Wells Fargo CEO Tim Sloan got a pay raise to $18.4 million as problems mount, shares tumble

0
16
This post was originally published on link to post

Wells Fargo CEO Tim Sloan got a 5 percent pay raise for leading the troubled bank last year.

The executive received $18.4 million, including a $2.4 million salary, $14 million in stock awards and $2 million in incentive awards, according to a regulatory filing. That compares to the $17.5 million he earned for 2017, which was a 36 percent increase from the previous year.

Sloan, 58, took over the fourth-biggest U.S. bank in October 2016. Charged with cleaning up the fake-accounts scandal that claimed his predecessor, Sloan has struggled to satisfy regulators’ demands to overhaul the sprawling institution. Last year, thanks to “widespread consumer abuses,” the Federal Reserve capped the bank’s asset growth after the bank found more problems with customer dealings.

Wells Fargo shares dropped 25 percent in 2018, under-performing its biggest rivals.

During a four-hour long testimony this week before the House Financial Services committee, Sloan revealed that

LEAVE A REPLY

Please enter your comment!
Please enter your name here