He could not improve the bank’s reputation, which recently was listed as the worst of any U.S. company in a major study of corporate reputations. In June 2018, Wells Fargo’s chief executive officer, Tim Sloan, received a $4.6m raise, putting his annual total compensation at $17.6m, 564 times … See here for a complete list of exchanges and delays. Reporting by Imani Moise; editing by Diane Craft. Wells Fargo CEO gets raise to $18.4 million the day after being scolded by Congress Tim Sloan’s 5% salary boost comes as bank struggles to leave years of scandal behind Wells Fargo & Co. reported chief executive Charlie Scharf’s 2019 total compensation of $36.29 million was valued at a 550-to 1 ratio to the company’s global median employee. During 2018, Wells Fargo shares tumbled 22 percent as the bank continued to rack up fines and disclose new issues. Even so, the bank has had trouble expanding its customer base in its corporate bank unit. Sloan’s base salary remained flat at $2.4 million, he earned $14 million stock awards and the board awarded him a $2 million bonus based on the bank’s financial performance and other factors, according to a company filing. Waters said she will reintroduce legislation that would direct regulators to shrink or close banks that display a pattern of repeated violations of consumer protection laws. called for the chief executive officer of Wells Fargo to be fired. “It is outrageous and wholly inappropriate that Wells Fargo has rewarded Mr. Sloan with a $2 million bonus for 2018,” Waters said in statement, adding that last year “federal regulators and authorities capped the bank’s growth and fined the bank more than $3 billion for offenses such as improperly charging customers auto insurance and mortgage fees.”. Sloan’s base salary remained flat at $2.4 million (1.8 million pounds), he earned $14 million stock awards and the board awarded him a $2 million bonus based on the bank’s financial performance and other factors, according to a company filing. In addition to disclosing the annual meeting location, Wells also revealed in its proxy statement that CEO Tim Sloan got a 5 percent pay raise in 2018, earning $18.4 million in … During the hearing, committee chair Waters criticized regulators including the U.S. Federal Reserve, saying they had not been tough enough on the country’s fourth-largest lender. During 2018 Wells Fargo shares tumbled 22 percent as the bank continued to rack up fines and disclose new issues. Wells Fargo & Co. (NYSE: WFC) CEO Timothy J. Sloan left the big bank unexpectedly. All quotes delayed a minimum of 15 minutes. The revelation three years ago that Wells Fargo created millions of fake customer accounts prompted regulatory probes into mortgage foreclosures, auto insurance sales and its wealth management businesses, resulting in billions of dollars in fines. All Rights Reserved. Before he was made chief executive in October 2016, replacing disgraced former CEO John Stumpf, Sloan was the Wells Fargo chief operating officer and before that chief financial officer. I happen to think that any increase in compensation is not appropriate at this time. Sloan shouldn’t be getting a bonus,” Waters said on Wednesday, “he should be shown the door.”. It is also the lowest ranked financial institution on this list. CFO Publishing LLC, a division of The Argyle Group. The Fed typically has been tight lipped about the institutions it regulates and rarely comments beyond pre-scheduled regulatory events. Rep Waters has no right to determine ones pay, and to me, her opinions aren’t worth anything. The OCC said the bank still showed an “inability to execute effective corporate governance” or an effective risk management program. How can she afford this? The next Wells Fargo & Co. dividend went ex 18 days ago for 10c and will be paid in 8 days. Sloan appeared before the financial services committee on Tuesday to answer questions about how the bank has changed its culture and practices to prevent a repeat of the scandal that first came to light two years ago. Sloan leaves the bank with a corporate reputation it may take years to repair. Wells Fargo is currently prohibited from growing in size, after the Federal Reserve issued an unprecedented asset cap on it in February, citing “widespread consumer abuses and compliance breakdowns.”. His pay rise may draw further scrutiny from lawmakers, including Representative Maxine Waters and progressive firebrand Senator Elizabeth Warren, who have called for Sloan to step down. Wells Fargo is far from alone in boosting pay among lower-paid employees. Wells Fargo released its compensation one day after Sloan appeared before the House Financial Services Committee to prove to lawmakers that the bank was reformed since 2016 revelations that it created millions of unauthorised customer accounts.