Tim Sloan has to go. This asset cap is not going to be removed until that happens. The Fed’s statement on executive pay is alarming for all of us who are employees.
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CEO's and boards are always looking out for each other first, shareholders second, then maybe, and I mean maybe, they look out for customers.
Employees are never their concern. Employees are overhead, and overhead is something to be cut.
This should not be news to anyone.
Sloan took a pay cut relative to everyone else. Last year the ratio of his salary to that of the average employee was 291:1. This year it's only 283:1. And also, this year the average increase in "total compensation" per employee was 7.8%
It says so on the Proxy Statement (the one they released immediately after the congressional hearings).
While I generally agree with you Tim Sloan is just trying to keep his job. The board put a person in place who will work to make them money. That’s Tim’s main focus. Keeping his job = returning shareholder value. That’s the problem with this whole disaster. We need leadership who stands up for what is right and says “no” when things are wrong. And it’s not just his role. We have over 15 years of documented cases of leaders retaliating against team members for raising their hands or disagreeing with a new policy or practice. Even now, leadership on all levels are doubling down on this practice by making an environment where if you have anything critical to say about Wells, you put a target on your back. This is the very same atmosphere that was in place when not so long ago we were defrauding everyone we could just to get to “eight is great”.