Wells Fargo Boosts CEO Tim Sloan’s Pay to $18.4 Million for 2018
Wells Fargo Boosts CEO Tim Sloan’s Pay to $18.4 Million for 2018
(Bloomberg) -- Wells Fargo & Co. boosted Chief Executive Officer Tim Sloan’s compensation by 5.7 percent to $18.4 million for last year as the bank has worked to overcome multiple scandals.
Sloan got $2.4 million in salary and $14 million of restricted stock linked to performance goals, the San Francisco-based bank said Wednesday in a regulatory filing. He also got a $2 million bonus.
While Sloan’s total compensation was the smallest among CEOs of the six biggest U.S. banks, his salary was the largest. Goldman Sachs Group Inc.’s David Solomon received a $2 million annual salary, while the chiefs of Morgan Stanley, JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. each got $1.5 million.
Sloan’s second full year atop the embattled bank brought more problems. Scandals, including the opening of millions of bogus accounts to meet sales goals, prompted the Federal Reserve to ban the firm from expanding assets beyond 2017 levels. Senator Elizabeth Warren, a Massachusetts Democrat who’s running for president, was among lawmakers to demand Sloan’s ouster.
Shares of Wells Fargo tumbled 24 percent last year, compared with the 20 percent decline of the 24-company KBW Bank Index.
Sloan, 58, has undertakenchanges at the bank since taking the top job, working to root out and fix past problems and prevent new ones. The bank has said he has the full support of the board.
To contact the reporters on this story: Anders Melin in New York at amelin3@bloomberg.net;Hannah Levitt in New York at hlevitt@bloomberg.net
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill, Peter Eichenbaum
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