Maxine Waters Says Wells Fargo’s CEO Should Get ‘the Door,’ Not a Bonus
(Bloomberg) -- Wells Fargo & Co. Chief Executive Officer Tim Sloan should be fired, not receiving a bonus, according to Representative Maxine Waters.
The California Democrat and chairwoman of the House Financial Services Committee said Thursday that Sloan’s $2 million bonus for 2018 is “outrageous and wholly inappropriate” given the bank’s consumer scandals and regulatory blowback.
“Mr. Sloan shouldn’t be getting a bonus, he should be shown the door,” Waters said in a statement. “It was very clear from Mr. Sloan’s testimony that Wells Fargo has failed to clean up its act.”
The San Francisco-based bank announced Wednesday that Sloan got a 5.7 percent raise for 2018, including a $2 million bonus -- his first since taking the top spot in 2016. The announcement came just a day after Sloan was grilled by lawmakers including Waters over the bank’s scandals.
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