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Wells Fargo CEO gets 5% pay raise; Dems drop CRA mandate for CUs in housing bill

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Wells Fargo CEO gets 5% pay raise; Dems drop CRA mandate for CUs in housing bill

Wells Fargo & Co. President and CEO Timothy Sloan's total compensation rose by approximately 5% to $18.4 million in 2018 from $17.6 million in 2017, the company disclosed in a regulatory filing a day after Sloan testified before the House Financial Services Committee. Sloan earned a base salary of $2.4 million, stock awards of $14.0 million and non-equity incentive compensation of $2 million in 2018.

When asked about Sloan's pay hike, a spokesperson for the U.S. Federal Reserve told Reuters the central bank "does not approve pay packages" and it expects company boards to hold management accountable.

The Malaysia Securities Commission issued a show-cause letter to Goldman Sachs Group Inc., which requires the company to explain why it should not be subject to disciplinary action in connection with the investigation into the 1Malaysia Development Berhad fraud and embezzlement scandal, Reuters reports.

On Capitol Hill, Senate Democrats led by Sen. Elizabeth Warren of Massachusetts reintroduced the American Housing and Economic Mobility Act, which was originally introduced in September 2018. The revised bill removed a provision that required credit unions to abide by the Community Reinvestment Act. In a letter, Credit Union National Association President and CEO Jim Nussle lauded the revised bill which "rejects a one-size fits all approach."

The Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing today titled "Financial Stability Oversight Council Nonbank Designations." Also, the House Financial Services Committee's investor protection, entrepreneurship and capital markets subcommittee will hold a hearing titled "Putting Investors First? Examining the SEC's Best Interest Rule."

And the Basel Committee on Banking Supervision said the growth of cryptocurrencies could potentially "raise financial stability concerns and increase risks faced by banks." The committee added that banks who decided to work with cryptocurrencies should at least conduct comprehensive analyses of the risks and have a clear risk management framework appropriate for the bank's cryptocurrency exposure. These banks should also publicly disclose any cryptocurrency-related services and inform supervisory authorities of any actual or planned cryptocurrency activity.

In other parts of the world

Asia Pacific: CBA suspends demerger plans; China hikes tolerance for micro companies' NPLs

Europe: 'Brextension' option; RBI shakes off Russia fears; profits rise at Pru, Generali

Middle East & Africa: Israel's First International Bank posts higher profit; Mashreqbank going digital

Now featured on S&P Global Market Intelligence

Shareholders press companies on climate change, political spending, diversity: At least 386 resolutions asking publicly traded companies to tackle environmental, social and sustainability issues were filed by shareholders in the 2019 proxy season, according to a new report by Proxy Preview.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng was up 0.15% to 28,851.39, while the Nikkei 225 fell 0.02% to 21,287.02.

In Europe before midday, the FTSE 100 was up 0.48% to 7,193.54 and the Euronext 100 was 0.53% higher at 1,033.03.

On the macro front

The jobless claims report, the import and export prices report, the new home sales report, the Energy Information Administration natural gas report, the Federal Reserve balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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