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Let us, if we might, review Wells Fargo’s 2021. Exactly one year ago today, it was sitting on customers’ much-needed stimulus money two days longer than necessary, engendering an enormous amount of goodwill from them. Then it stopped offering those customers personal loans when they needed them the most. Then it got yelled at and fined for continuing to screw over those customers even after promising to stop three years earlier, which made one prominent U.S. senator wonder whether the time hadn’t come to put an end to the whole Wells Fargo experiment. Not three weeks later, it got caught screwing over a different set of customers. Then, it both stacked the deck in its favor during an arbitration hearing and, when it worried that wouldn’t be enough, engineered some perjury to ensure a favorable outcome. (Wells is appealing that because, of course, it is used to having judicial proceedings biased in its favor.) All the while, it’s been letting people rip off its customers through a payments platform it co-owns and then shrugging its shoulders and saying, “tough.”

But, you know, everyone’s getting raises and Wells did better by some measures than its peers (presumably because it began from such a remarkably lower baseline), and therefore CEO Charlie Scharf must be showered with additional millions.

Wells Fargo & Co. Chief Executive Charles Scharf earned $24.5 million last year, receiving a 20% raise as the bank recovered from its pandemic slump…. Mr. Scharf’s total annualized compensation was 290 times the $73,578 that the median Wells Fargo employee took home last year, the bank said.

Wells Fargo CEO Charles Scharf Gets 20% Pay Raise [WSJ]

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