Wells Fargo CEO Tim Sloan gets 5% pay raise to $18.4 million for 2018

Erin Scott | Reuters

Wells Fargo CEO Tim Sloan testifies before a House Financial Services Committee hearing titled: “Holding Megabanks Accountable: An Examination of Wells Fargo’s Pattern of Consumer Abuses” in Washington, March 12, 2019.

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.

Sloan, 58, took over the fourth-biggest U.S. bank in October 2016. Charged with cleaning up the fake-accounts scandal that claimed his predecessor, Sloan has struggled to satisfy regulators’ demands to overhaul the sprawling institution. Last year, thanks to “widespread consumer abuses,” the Federal Reserve capped the bank’s asset growth after the bank found more problems with customer dealings.

Wells Fargo shares dropped 25 percent in 2018, under-performing its biggest rivals.

During a four-hour long testimony this week before the House Financial Services committee, Sloan revealed that the bank was operating under 14 separate consent decrees with his regulators. Sen. Elizabeth Warren, a Democrat running for president, has repeatedly called for Sloan to resign.

Meanwhile, J.P. Morgan CEO Jamie Dimon received $31 million for his work last year, while Brian Moynihan of Bank of America got $26.5 million, and Morgan Stanley CEO James Gorman got $29 million.