Wells Fargo CEO's 36% Pay Increase Criticized by Senator WarrenBy
Wells Fargo & Co. Chief Executive Officer Tim Sloan’s pay raise drew criticism from U.S. Senator Elizabeth Warren.
“Wells Fargo is about to be sanctioned for running an auto-insurance scam that cost Americans millions of dollars. I don’t think that sort of corporate management merits a raise for CEO Tim Sloan,” Warren, a Massachusetts Democrat and frequent Wall Street critic, said Thursday in a tweet.
The San Francisco-based bank has been embroiled in scandals for 16 months, including a revelation that auto-loan clients were forced to pay for unwanted car insurance. The firm announced this week that it paid Sloan $17.4 million for 2017, a 36 percent increase from a year earlier.
“I disagree with almost everything Elizabeth Warren says,” Sloan told reporters after an appearance at the Detroit Economic Club, according to a report by Reuters. “Most of her comments are both ill-informed and inappropriate.”