The Wall Street Journal: Wells Fargo clawed back $15 million in pay from former CEO Tim Sloan
Timothy Sloan, the Wells Fargo & Co. chief executive who left last year after failing to turn around the troubled lender, lost $15 million in compensation after he exited.
The company’s board of directors decided to claw back that money, which had been granted to him in early 2019, according to a regulatory filing released late Monday. The disclosure also said he left with no severance.
In making its decision, Wells Fargo’s
board took into account the timing of his resignation, the company’s performance and the status of its outstanding regulatory matters, according to the filing.
Sloan, a Wells Fargo veteran, took the top job in 2016 as the bank was reeling from its fake-account scandal, in which it was revealed to have created perhaps millions of unauthorized accounts. He was perpetually in the crosshairs of regulators who believed he moved slowly to right the ship, The Wall Street Journal has reported. He resigned shortly after testifying before the House Financial Services Committee last year.
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