As chairman of Wells Fargo, Timothy J. Sloan failed to resolve a series of scandals that rocked the bank and he abruptly resigned more than four years ago amid widespread criticism. He now says Wells Fargo owes him at least $34 million in back payments. A Wells Fargo spokeswoman, Beth Richek, said the bank stands behind its decision to withhold the salary. The bank paid more than $1.5 billion in penalties to federal and state authorities and $620 million to settle lawsuits from customers and shareholders. In 2018, the Federal Reserve forced the bank to curb its growth until it made changes to its culture.

Source: New York Times December 03, 2023 10:01 UTC