Wells Fargo CEO Timothy Sloan was awarded $17.4 million in compensation for his work last year, a more than 35 percent increase from the year before despite the bank continuing to struggled with scandals.
But the bank noted it did not award Sloan a cash bonus “based on his ultimate responsibility, as CEO, for our company’s performance.” Sloan also had recommended he not get that bonus.
The announcement comes as Wells Fargo continues to recover from a major scandal over unauthorized accounts that erupted in 2016. Last year, the bank disclosed problems with a ballooning list of products, from auto insurance to mortgages to identity theft protection.
Unilever taking HQ out of Britain
Unilever, the Anglo-Dutch consumer goods multinational whose vast stable of brands includes Dove, Knorr and Ben & Jerry’s, has opted to have its sole headquarters in the Netherlands rather than Britain, ending a dual structure that goes back nearly 90 years.
The company said Thursday that the decision to pick Rotterdam over London is part of a raft of structural changes that will turn it into “a simpler, more agile and more focused business.”
While Unilever made no mention of Britain’s impending departure from the European Union, the decision should in practice help it manage the uncertainties of Brexit and is highly symbolic at a time of doubts over London as a global capital.
Mortgage rates slip for 1st time in 2018
Long-term U.S. mortgage rates fell last week for the first time this year as the spring home-buying season begins. The decline comes after nine straight weeks of increases that pushed borrowing costs higher.
Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate mortgages slipped to 4.44 percent from 4.46 percent the previous week. The new average rate remains at a high level, however, raising concern that home sales could be dampened. The benchmark rate averaged 4.30 percent a year ago.
True Value losing cooperative model
A Washington, D.C., private equity firm has agreed to take a majority stake in Chicago-based True Value Co. that would shift the hardware retailer away from its cooperative roots.
The agreement would give Acon Investments a 70 percent stake in a new True Value operating company, with the remaining 30 percent owned by the member retailers who currently own the cooperative.