Wells Fargo CEO gets $18.4 million payday after exchange on Capitol Hill about Standing Rock, values
One day on Capitol Hill explaining how Wells Fargo was building pipelines based on community values.
And a day later the company filed documents showing the 58-year-old bank chief executive officer Timothy Sloan got a 5 percent salary increase last year in the midst of the bank’s troubles, earning $18.4 million in 2018. His paycheck increased by 36 percent from 2016 to 2017.
The salary details were released the day after the hearing, according to Reuters.
Sloan testified in the “Holding Megabanks Accountable: An Examination of Wells Fargo’s Pattern of Consumer Abuses” hearing on March 12 where Rep. Alexandria Ocasio-Cortez, D-New York, repeatedly asked him if banks should be responsible for oil spills if they funded such projects.
John G. Stumpf led the company from June 2007 to October 2016 before Sloan took over the bank as CEO in October 2016.
Sen. Elizabeth Warren, D-Massachusetts, presidential candidate for the 2020 election, wrote on Twitter that “it’s clear that Tim Sloan isn’t the right person to try to clean up @WellsFargo. His hands are too dirty from overseeing year of scams and scandals.”
SSloan spoke to attendees of the Detroit Economic Club today about how the company is reestablishing trust with customers and rebuilding itself.
“The first thing is we needed to be very clear about taking responsibility for any mistakes that we made. And that’s one of the first things I did when I became CEO,” he said as recognized previous leaders let down them and customers. “Two we needed to be very self reflective and to fix anything that was broken.”