In response to Wells Fargo CEO Tim Sloan receiving a pay increase and $2 million bonus, Rep. Maxine Waters of California called for his removal while referring to his bonus as “outrageous and wholly inappropriate.” Although Wells Fargo has become notorious for consumer scandals and other misconduct, Sloan was awarded with a total compensation of $18.4 million last year.
On Wednesday, Wells Fargo announced in a regulatory filing that Sloan’s total compensation would increase from $17.6 million in 2017 to $18.4 million in 2018. Even though Sloan did not receive a bonus in 2017, he was awarded a $2 million bonus last year despite the ongoing controversies.
“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,” Rep. Waters wrote in a statement on Thursday.
Referring to Sloan’s testimony before the House Financial Services Committee on Tuesday, Waters added, “It was very clear from Mr. Sloan’s testimony that Wells Fargo has failed to clean up its act. Mr. Sloan shouldn’t be getting a bonus, he should be shown the door.”
Waters joins Sens. Elizabeth Warren and Sherrod Brown in calling for Sloan’s termination as CEO of Wells Fargo. When Sloan appeared before the Senate Banking Committee in October 2017, Sen. Warren asserted, “You knew there was a problem, and when you were asked about it, you lied. This is about personal responsibility. Wells Fargo cheated millions of people for years. The Federal Reserve should remove all of the current board members who served during the fake account scandal. And Mr. Sloan, you say you’ve been making changes at Wells Fargo for 30 years, but you enabled this fake account scam, you got rich off it, and then you tried to cover it up. At best, you are incompetent. At worst, you are complicit. Either way, you should be fired! Wells Fargo needs to start over and that won’t happen until the bank rids itself of people like you who led it into this crisis.”
On Thursday, Sen. Brown took to Twitter and wrote, “5300 front line workers lost their jobs because of the Wells Fargo scandal, but senior executives responsible for the fraud are walking away scot-free with millions in hand.
“Tim Sloan should be getting a pink slip, not a $18.4 million payday.”