Items Tagged with 'Tim Sloan'

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  • Wells Fargo CEO Tim Sloan lands $2 million bonus day after congressional beatdown

    Some members of Congress called for his firing, instead he got a raise
    Looks like Tim Sloan's week is looking up. On Tuesday, the Wells Fargo CEO received a brutal lashing from Congress during a four-hour hearing before the House Financial Services Committee, during which he was raked over the coals for the bank's numerous misdeeds. But just a day later, the board of directors gave Sloan a 5% raise, increasing his total pay to a whopping $18.4 million, which includes a $2 million bonus.
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  • Is Wells Fargo too big to manage? Congress grills CEO Tim Sloan

    House committee roasts Sloan over progress on bank's overhaul in hostile 4-hour hearing
    Wells Fargo CEO Tim Sloan appeared before the House Financial Services Committee on Tuesday to address questions regarding the bank's overhaul after a series of scandals rocked the big bank in recent years. In a tense four-hour hearing, Sloan was grilled about the steps he's taken during his two-year tenure as CEO to overhaul the bank, with the big question of the day being whether or not Wells Fargo is simply too big to manage.
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  • Warren urges Fed to remove Wells Fargo CEO

    Senator asks Fed chair to not allow Wells Fargo to grow until Sloan is removed
    Sen. Elizabeth Warren is urging the Federal Reserve to require the removal of Wells Fargo CEO Tim Sloan if the bank wants to grow. Warren sent a letter to Fed Chair Jerome Powell asking him to not allow the embattled megabank to grow in size until it replaces Sloan. In her letter, Warren said Sloan is "deeply implicated" in the bank’s prior misconduct.
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  • Wells Fargo to refund borrowers who improperly paid mortgage fees

    Pinpoints borrowers who received mortgage rate lock extensions
    Wells Fargo announced plans to refund borrowers who wrongly paid fees for mortgage rate lock extensions requested from Sept. 16, 2013, through Feb. 28, 2017. The plans to refund mortgage borrowers came out Tuesday as the U.S. Senate Committee on Banking, Housing and Urban Affairs grilled Wells Fargo CEO Tim Sloan on Tuesday over the its massive fake account scandal last year. Here are the official details on the plan.
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  • New Wells Fargo CEO pens open letter thanking customers for their loyalty

    Sloan: We commit to you that we will make things right
    It probably goes without saying that it’s been a rough few months for Wells Fargo. It all started with the shocking revelation of the fake account scandal at the bank, which involved more than 5,000 of the bank’s former employees opening more than 2 million fake accounts to get sales bonuses. And now the bank is working to repair its tarnished reputation.
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  • Wells Fargo misses earnings expectations, continues to clean up after accounts scandal

    Wells Fargo CEO: “We have more work to do”
    Wells Fargo missed fourth-quarter earnings expectations as it continues to clean up from its massive fake accounts scandal announced back in September 2016. As one of the first banks to report and a major indicator for how the rest of the industry will perform, Wells Fargo recorded a boost in mortgage originations thanks to a huge uptick in refinance volume from last year.
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