Rep. Maxine Waters, the California Democrat who runs the powerful House Financial Services Committee, called for the removal of Wells Fargo CEO Tim Sloan after news that he received a $2 million bonus as part of his 2018 pay package.

The San Francisco-based bank disclosed Sloan's compensation late Wednesday, revealing that the executive got a 5 percent increase in total pay to $18.4 million, including the $2 million bonus, for his work in 2018.

"It is outrageous and wholly inappropriate that the bank has rewarded Mr. Sloan with a $2 million bonus for 2018," Waters said in an emailed statement. She pointed out that last year, "federal regulators and authorities capped the bank's growth and fined the bank more than $3 billion for offenses such as improperly charging customers auto insurance and mortgage fees."