Wells Fargo boosts CEO pay to $18.4M, includes $2M bonus
Wells Fargo boosted Chief Executive Officer Tim Sloan’s compensation by 5.7% 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’s David Solomon received a $2 million annual salary, while the chiefs of Morgan Stanley, JPMorgan Chase, Citigroup and Bank of America 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% last year, compared with the 20% decline of the 24-company KBW Bank Index.
Sloan, 58, has undertaken changes 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.