Rep. Maxine Waters calls for firing of Wells Fargo CEO Tim Sloan after news of his pay raise
Rep. Maxine Waters on Thursday called for the firing of Wells Fargo & Co. Chief Executive Tim Sloan after the bank reported his pay increased last year by nearly $1 million despite continued consumer scandals.
The 4.9% increase in total compensation in 2018, to $18.4 million, included a $2-million bonus, Wells Fargo said in a regulatory filing on Wednesday. Sloan earned $2.4-million base pay both years. He did not receive a bonus in 2017, but received more in stock, pension and other awards to bring his overall compensation to $17.6 million.
The filing came a day after Sloan faced bipartisan anger about what Waters (D-Los Angeles) called the bank’s “ongoing lawlessness” during a hearing by the House Financial Services Committee, which the Los Angeles Democrat chairs.
After the hearing, Waters suggested that regulators remove Sloan.
But Waters went a step further on Thursday. She called Sloan’s pay increase “outrageous and wholly inappropriate,” particularly because the bank was hit last year with an unprecedented regulatory cap on its growth because of its history of consumer abuses.