Wills Fargo, Chief Executive Officer, Tim Sloan's salary rose to $ 18.4 million last year
Sloane's compensation, nearly 5% higher than in 2017, was revealed Wednesday in a regulatory bid. Wells Fargo WFC ) declined to comment on the increase. Sloan did less than his main peers. JPM ) Chief Executive Jamie Dimon received a $ 31 million package for 2018, while Bank of America ( Chief Executive Officer Brian Moynihan received a grant of nearly $ 23 million, according to normative documents
Most of the Sloane's increase, meanwhile, comes from a bonus – his first CEO
a new provision for confiscation, which is subject to compensation for 2019, and whether Wells Fargo's regulatory issues are resolved
The document was the floor one day after the CEO testified to Congress and said the bank is still working for mistakes, creating millions of bogus accounts and other issues, such as charging thousands of customers for auto insurance they do not need, and imposing
"Our corporate culture has greatly improved," he said the Services Committee
Sloane spent the last two years as CEO trying to clean up the bank. But at the beginning of 201
8, the Federal Reserve placed Wells Fargo in the criminal field, introducing an unprecedented cap of assets for "widespread consumer abuse."
Sloan pointed out Tuesday that the company's management has also faced new measures aimed at limiting the risk, acknowledging that Wells Fargo has more work.
But MEPs on both sides were critical of Sloan.
President McCann Waters, a Democrat, said he had failed to hold Wells Fargo. from trouble. She asked whether the bank should be "reduced" and that regulators should consider replacing it.
Patrick McKenry, a republican member, was also disappointed. He asked Sloan whether the scandals were over or if more negative titles appeared.
"I can not control the media," Sloan said. "There is nothing else to know that we have not revealed." Wells Fargo shares fell 24% in 2018. By comparison, the whole S & P 500 declined by 6% over the same period, but it was terrible. year for financial services companies.