Hide

Wells Fargo’s CEO pay package approved despite scandals

Wells Fargo boss Tim Sloan finally found a friendly audience — and all he had to do was fly to Des Moines. The San Francisco-based bank handily defeated shareholder pressure to limit its CEO’s pay, knock off a board member, and study its employee incentives at its annual meeting in Des Moines, Iowa, on Tuesday — a stark turnaround from last year’s contentious meeting over the bank’s many scandals. Sloan had even trotted out his son, daughter-in-law, and grandkids — Iowans, all of them — during the meeting at the Marriott in downtown Des Moines, as the CEO tried to put a positive spin on the bank. “I said it last year and it’s still true: rebuilding trust is still our top priority,” Sloan told the audience. Shareho ...