Wells Fargo CEO Tim Sloan Earns $ 18.4 Million Last Year

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Sloan's pay, an increase of almost 5% from 2017, was leaked on Wednesday in a regulatory file.

Wells Fargo (WFC) declined to comment on this increase.
Sloan did less than his main peers. JP Morgan (JPM) CEO Jamie Dimon received a salary package of $ 31 million for 2018, while Bank of America (LAC) Chief Executive Officer Brian Moynihan has been paid close to $ 23 million, according to regulatory filings.

Most of the increase in Sloan, meanwhile, comes from a bonus – his first as CEO.

The company's latest proxy submission also set out a new 2019 compensation forfeiture provision, and determined whether Wells Fargo's regulatory issues were resolved.

The document was filed a day after the CEO testified before Congress and says the bank is still striving to right the wrongs of the past.
On Tuesday, Sloan tried to convince lawmakers that Wells Fargo had abandoned the aggressive sales tactics that had led to the creation of millions of fake accounts and other problems, such as billing thousands of customers auto insurance that they did not need and impose unwarranted mortgage fees on owners.

"Our corporate culture has improved dramatically," he told the House's Financial Services Committee.

Sloan spent the last two years as CEO trying to clean the bank.

But in early 2018, the US Federal Reserve put Wells Fargo in the box of sanctions, instituting an unprecedented cap on assets for "widespread consumer abuse." The ceiling, which prevents the bank from developing, remains in place.

On Tuesday, Sloan presented management's shifts and new measures to reduce risk, while conceding that Wells Fargo still had work to do.

"Doing good is not just about fixing wrongs and restoring trust," he said.

But lawmakers from both parties criticized Sloan.

Democratic President Maxine Waters said he had not been able to preserve Wells Fargo from problems. She asked if the bank should be "reduced" and said regulators should consider replacing it.

Patrick McHenry, a ranking member, a Republican, also showed frustration. He asked Sloan if the scandals were over or if other negative headlines would surface.

"I can not control the media," said Sloan. "There is nothing else to my knowledge that we have not revealed."

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

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