The Day After His Congressional Grilling Over Mounting Consumer Abuses, Wells Fargo Announces $1M Pay Raise for CEO Tim Sloan
WASHINGTON, D.C. – Consumer advocacy group Allied Progress issued the following statement in response to Wells Fargo waiting until after CEO Tim Sloan’s appearance before the House Financial Services Committee Tuesday to reveal that Sloan collected an $18.4 million salary last year — a nearly a million dollar boost from the year before, when he made 291 times what the average Wells Fargo worker makes – despite overseeing a continued culture of greed and consumer mistreatment since the infamous ‘phantom accounts’ scandal.
“It’s understandable why Wells Fargo would keep a lid on Tim Sloan’s latest near-million dollar raise until after he testified before Congress,” said Jeremy Funk, spokesman for Allied Progress. “Sloan already had enough inexcusable behavior to answer for without also having to explain why he’s getting a massive raise at the same time the bank prepares to fire over 26,000 people – or what exactly he’s being rewarded for as the bank has continued to rack up billions of dollars in fines and penalties for misconduct against consumers just since the ‘phantom accounts’ fiasco broke. This is just more evidence that Wells Fargo’s promises to clean up its act are completely disingenuous and why Congress needs to step in where the Trump administration has failed to hold big banks accountable.”
Ahead of Sloan’s Congressional appearance on Tuesday, Allied Progress ran a full-page ad in the Washington Post Express and launched WellsFargoFacts.com detailing how Sloan’s ever-rising salary has only incentivized more consumer abuse. See also Allied Progress’ reaction to Sloan’s testimony HERE.
WHAT YOU NEED TO KNOW:
Tim Sloan Keeps Earning While Wells Fargo Shareholders Keep Losing
Tim Sloan’s Total Compensation Increased To $18.4 Million In 2018… Even With Wells Fargo Shares Falling 25 Percent!
In 2018, Tim Sloan’s Compensation Increased 5 Percent While Wells Fargo Shares Fell By 25 Percent.
In 2018, Tim Sloan Received $18.4 Million In Total Compensation, A 5 Percent Increase From $17.5 Million In 2017. “Wells Fargo CEO Tim Sloan got a 5 percent pay raise for leading the troubled bank last year. The executive received $18.4 million, including a $2.4 million salary, $14 million in stock awards and $2 million in incentive awards, according to a regulatory filing. That compares to the $17.5 million he earned for 2017, which was a 36 percent increase from the previous year.” [Hugh Son, “Wells Fargo CEO Tim Sloan got a pay raise to $18.4 million as problems mount, shares tumble,” CNBC, 03/13/19]
- “Wells Fargo Shares Dropped 25 Percent In 2018, Under-Performing Its Biggest Rivals.” [Hugh Son, “Wells Fargo CEO Tim Sloan got a pay raise to $18.4 million as problems mount, shares tumble,” CNBC, 03/13/19]
Tim Sloan Admitted That He Made 291 Times What His Median Worker Makes A Year.
During His Congressional Testimony, Wells Fargo CEO Tim Sloan Confirmed That He Made 291 Times What His Median Worker Makes A Year.
Wells Fargo CEO Tim Sloan Confirmed That, In 2017, He Made 291 Times What His Median Worker Makes A Year, Which Is $60,000. Congressman Al Green asked Wells Fargo CEO Tim Sloan, “[…] as a matter of fact, you made 291 times what the median worker made in 2017. Is that correct?” Tim Sloan responded, “Yes.” Al Green then asked, “[the] median worker made a little more than $60,000. So you made 291 times that, correct?” Sloan then responded, “That’s Correct.” [“Wells Fargo Business Practices,” [01:26:13] C-SPAN, 03/12/19]
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