It was a 5.7% raise from the previous year. His total compensation was the smallest among the CEOs of the six biggest U.S. financial institutions, but his salary was the largest.
The OCC says it is “disappointed” with the bank as CEO Tim Sloan gets lambasted on Capitol Hill; Goldman Sachs is letting private investors participate in its in-house special-situations unit.
In a tense back and forth with lawmakers, the embattled CEO pushed back on claims that the bank still pressures employees to hit sales targets and retaliates against those who speak up.
More than two years after Wells Fargo's consumer scandals first came to light, the congressional backlash facing the bank is bipartisan and just as fierce.
How well Tim Sloan fares before the House Financial Services Committee will hinge largely on his ability to stay on message in the face of what is expected to be sharp criticism from Democratic lawmakers.
Wells Fargo CEO Tim Sloan said that the megabank has worked to address past issues and is equally committed to preventing new problems from arising, despite reports suggesting otherwise.
The settlement would mark a rare instance where the bank stands to benefit monetarily from a scandal that has severely damaged its reputation and cost it hundreds of millions in penalties.
The new leadership of the House Financial Services Committee appears intent on subjecting Wall Street to a harsher spotlight, but banks shouldn’t be too sure the new minority has their backs, either.
