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Despite the scandals that took place in Wells Fargo last year – and that we continue to deal with – the bank filed a security demand on Wednesday that revealed that CEO Tim Sloan had received a 5% salary increase between 2017 and 2018, for a total amount of $ 18.4 million. salary.
Compensation of Sloan, who Reuters reports that include a $ 2 million bonus for factors, including the bank's financial performance, was revealed the day after his grilling by Congress during his testimony claiming that Wells Fargo has become a better institution after the revelation of 2016 that employees had opened more than two million customer accounts without their consent.
In 2018, the bank was sentenced to a $ 1 billion fine for addressing the federal government's ill-treatment of clients at $ 575 million to settle state-level claims. to the Federal Reserve to stop growing.
Although Sloan, who has worked at Wells Fargo since 1987 and became CEO at the end of 2016 after the false accounts scandal, has largely been acquitted of the sins badociated with Wall Street badysts and board members. .
However, many Democratic politicians, including Mbadachusetts Senator Elizabeth Warren and California MP Maxine Waters, called for her dismissal.
Upon hearing about Sloan's salary increase, Waters did not mince words.
"Mr Sloan should not receive any bonuses, we should show him the door," said Congresswoman Pete Schroeder, a Reuters correspondent. tweeted.
"The Federal Reserve does not approve pay packages," said a spokesman for the Fed Reuters to the question about Sloan's compensation program. "We expect the boards of directors to hold the management accountable."
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