[1/2] Wells Fargo CEO Tim Sloan testifies before a House Financial Services Committee hearing titled: "Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses" in Washington, U.S. March 12, 2019.
Sloan in the lawsuit filed in California state court says Wells Fargo canceled stock awards and withheld a bonus he had earned before stepping down.
Wells Fargo in a statement said that "compensation decisions are based on performance, and we stand by our decisions in this matter."
Sloan led Wells Fargo from 2016 to 2019, when he became the second chief executive to step down over claims that the bank had opened millions of unauthorized consumer accounts.
Sloan accused Wells Fargo of breach of contract and, along with the $34 million, is seeking unspecified damages for emotional distress and punitive damages.
Persons:
Tim Sloan, Erin Scott, Sloan, Wells, Wells Fargo, Sloan's, David Lowe, Francoise Brougher, Daniel Wiessner, Diane Craft
Organizations:
Wells, Financial, REUTERS, Former Wells Fargo & Co, Federal Reserve, Tesla, Thomson
Locations:
Washington , U.S, California, Wells, Wells Fargo, Sloan's San Francisco, Albany , New York