Local

Wells Fargo blasted over CEO's $2M bonus

CHARLOTTE, N.C. — In what is likely no surprise to readers of bank news, Wells Fargo & Co. has come under fire for giving its chief executive a $2 million bonus, even as the financial giant struggles to put a series of scandals in the rearview.

[ALSO READ: Wells Fargo pays $575 million to settle state investigations]

The bank detailed plans for its upcoming annual meeting as well as 2018 compensation for CEO Tim Sloan in a proxy filing late Wednesday — just one day after he faced intense criticism during hours of testimony before the House Financial Services Committee.

U.S. Rep. Maxine Waters, who chairs that committee, responded by calling for Sloan’s firing. Labeling the bonus as “outrageous and wholly inappropriate,” she pointed to a cap on the bank’s growth that was imposed by federal regulators last year and remains in place today. “Mr. Sloan shouldn’t be getting a bonus, he should be shown the door,” Waters said in a written statement, according to the Los Angeles Times.

Read more here.