Wells Fargo CEO Tim Sloan appeared Tuesday before the U.S. House of Representatives' Financial Services Committee for the first time since Democrats, who are typically more critical of big banks than Republicans, took control of the chamber in last November's elections. The panel's leader, Congresswoman Maxine Waters of Southern California, scolded Sloan, but so did Republicans on the committee.
Wells Fargo CEO Tim Sloan is scheduled to appear Tuesday before the U.S. House of Representatives' Financial Services Committee for the first time since Democrats, who are typically more critical of big banks than Republicans, took control of the chamber in last November's elections. The panel is led by Congresswoman Maxine Waters of Southern California, where some of Wells Fargo's recent scandals originated.
Citigroup CEO Michael Corbat got a 4.3% pay raise to $24 million, as the bank's board gave him an overall report card tantamount to a B-minus.
Blackstone CEO Stephen Schwarzman, who sets his own pay, got a 45% cut in total compensation last year to $69.1 million. But compared with JPMorgan Chase CEO Jamie Dimon, considered by most investors to be the reigning dean of Wall Street, Schwarzman still looks vastly overpaid.
Wells Fargo discloses an agreement in principle of a shareholder-derivative lawsuit under which its insurers will pay $240 million - to the company. In an embarrassing way, it's a minor win for shareholders after more than $4.5 billion of elevated costs stemming from a series of scandals.
Stephen Schwarzman's Blackstone Group posted a fourth-quarter net loss of $79.7 million, as investment revenue tumbled.
UNP stock is speeding up the track on Tuesday.
Asian markets have been spooked by the fall of these mighty executives.
Stephen Schwarzman's Blackstone Group has just one woman on an 11-person board, putting Blackstone in percentage terms near the bottom of the Standard & Poor's 500.
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