Wells Fargo CEO Tim Sloan's pay rose to $18.4 million in 2018, even as the bank continued an apology tour for customer abuses and faced massive regulatory penalties.
Sloan's compensation, a nearly 5% increase compared to 2017, was disclosed Wednesday in a regulatory filing. Wells Fargo declined to comment about the increase. Sloan made less than his main peers. JPMorgan CEO Jamie Dimon received a $31 million pay package for 2018, while Bank of America CEO Brian Moynihan received compensation of nearly $23 million, according to regulatory filings.Most of Sloan's increase, meanwhile, came from a bonus — his first as CEO.
Sloan has spent the past two years as CEO trying to clean up the bank. But in early 2018, the Federal Reserve put Wells Fargo in the penalty box, instituting an unprecedented asset cap for"widespread consumer abuse." The cap, which keeps the bank from growing, remains in place.Sloan on Tuesday outlined leadership shakeups at the company and new measures aimed at curtailing risk, while conceding that Wells Fargo has more work to do.
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