Wells Fargo Financial Group CEO Tim Sloan announced Wednesday a pay hike of more than $1 million in pay.
The pay increase comes after the company said Wednesday that its chief financial officer was promoted to CFO after a year as chief financial adviser.
The move comes after Sloan’s predecessor, Mary Jo White, left the bank last month to join Goldman Sachs.
White is also the daughter of former President George W. Bush, who has often said that his administration made the banks the largest employers of African Americans in the U.S.
Since Sloan took the helm at Wells Fargo, it has seen some major changes as it has moved to cut costs and cut its size in a more profitable environment.
Wells Fargo’s shares fell about 8% in after hours trading Wednesday after it reported that its second quarter earnings were down 5% from the same quarter last year.
The company also said it expects full-year earnings of $5.9 billion.