GOP Tax Cuts Cover Wells Fargo’s $1 Billion Fine, Record CEO Pay Increase After Company Announces Massive Layoffs

Republicans Reward Wells Fargo With Over $3 Billion in Tax Cuts to cover Company’s $1 Billion Fine

FOR IMMEDIATE RELEASE:
Tuesday, April 24, 2018

PRESS CONTACT:
press@notonepenny.org

Not One Penny spokesperson Tim Hogan released the following statement on Wells Fargo’s annual shareholders meeting in Des Moines today:

“The fact that Wells Fargo can use its massive tax cuts to pay the Consumer Financial Protection Bureau’s $1 billion fine and still have $2 billion left over is sure to make executives at today’s meeting very happy. CEO Tim Sloan got a record 36 percent raise and over $17 million in compensation after his company scammed millions of Americans and announced plans to lay off thousands of workers. Make no mistake–Wells Fargo owes its Q1 profits not to actual growth but to President Trump, Speaker Ryan and Congressional Republicans.”

KEY FACTS:

• Wells Fargo has already netted over $3 billion in savings thanks to the GOP tax bill, and is expected to get the same this year.

• Wells Fargo was just fined $1 billion for charging thousands of customers for auto insurance they didn’t need. Its $3 billion GOP tax cut will more than cover the fine.

• After receiving $3 billion in tax cuts in 2017, Wells Fargo announced it is closing over 900 locations by 2020, laying off thousands of American workers.

• Wells Fargo decided to give its CEO a record 36 percent pay increase for 2017 — a total of more than $17 million. All on the heels of the company’s massive scam and its decision to lay off thousands of people.