Today, following the announcement that Wells Fargo President and CEO Timothy Sloan received $2 million in performance-based incentive pay for 2018, and total compensation of $18.4 million for the year, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following statement:
“Given Wells Fargo’s continuing failures, it is outrageous and wholly inappropriate that the bank has rewarded Mr. Sloan with a $2 million bonus for 2018, a year in which 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.
“Earlier this week, news reports indicated that the Office of the Comptroller of the Currency (OCC) was considering removing executives and directors at Wells Fargo. At the conclusion of Mr. Sloan’s disappointing testimony before the Financial Services Committee, I said that the OCC should consider removing him as President and CEO. It was very clear from Mr. Sloan’s testimony that Wells Fargo has failed to clean up its act. Remarkably, following his testimony, the OCC publicly rebuked Wells Fargo, citing the bank’s ‘inability to execute effective corporate governance.’
“Mr. Sloan shouldn’t be getting a bonus, he should be shown the door.”