Large US banks’ disclosures on executive compensation tell an important story: The market’s collective memory is about 10 years.

Wells Fargo, the last of six big US banks to release pay figures, said in a proxy statement earlier this month that its chief executive Tim Sloan got a raise. He earned $18.4m in 2018, about $900,000 more than his total compensation in 2017 but far less than the $31m pulled in by Jamie Dimon, CEO of JPMorgan.