DETROIT (Reuters) – Wells Fargo & Co Chief Executive Tim Sloan on Thursday defended a 35 percent gain in his latest compensation package, while describing comments last year by Democratic U.S. Senator Elizabeth Warren, who had called for his ouster, as “inappropriate.”
The third-largest U.S. lender has been battling a sales practices scandal that erupted in September 2016 with the revelation employees had opened potentially millions of phony accounts in customers’ names.
Everything - Elizabeth - Warren - Comments - Sloan
“It’s not surprising I disagree with almost everything Elizabeth Warren says. Most of her comments are both ill-informed and inappropriate,” Sloan told reporters after speaking to the Detroit Economic Club.
Warren, long a consumer advocate, in October told Sloan she did not believe the bank would be able to change with him in charge, in remarks during his testimony before the Senate Banking Committee.
Warren - Office - Request - Comment - Sloan
Warren’s office did not immediately respond to a request for comment on Sloan’s remarks.
Sloan, who took over when former CEO John Stumpf abruptly departed in October 2016, said in January that Wells Fargo was not certain it had fully uncovered and fixed all scandal-related issues.
Internal - Reviews - Probes - Problems - Areas
Internal reviews and regulatory probes have revealed problems in other areas beyond the initial unauthorized accounts, including mortgage lending and auto insurance.
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