Wells Fargo CEO Sloan received $1 million raise, bank says a day after critical hearing

Wells Fargo Chief Executive Timothy Sloan received total compensation of $18.4 million in 2018, according to the bank's proxy statement released Wednesday, an increase of $1 million. Though his performance share award was $1 million less, he received a $2 million annual incentive due to what the bank called his "continued leadership on the Company's top priority of rebuilding trust, and his performance against his 2018 individual qualitative performance objectives." Sloan's performance, as well as the bank's, was criticized at a House Financial Services Committee hearing on Tuesday in light of the multiple scandals at the bank. The Federal Reserve has had an asset freeze at the bank for about a year.

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