(Reuters) - Wells Fargo & Co (WFC.N) Chief Executive Tim Sloan’s made $17.6 million in 2017, up 35 percent from the previous year, despite opting out of the bank’s annual incentive plan.
The third-largest U.S. bank is looking to rebuild its reputation following a 2016 scandal that involved thousands of Wells Fargo employees opening perhaps millions of unauthorized customer accounts.
Sloan, who said in January that the bank was not certain it had fully uncovered and fixed all problems related to the scandal, was among the top executives who did not receive cash bonuses for 2016. (reut.rs/2Ds9UlI)
Earlier this month, Wells Fargo said it was examining its wealth and investment management business for possible customer abuse, including overcharging and inappropriate referrals, after inquiries from government agencies.
Sloan took over the top job in October 2016 after former CEO John Stumpf was forced to resign in the wake of the scandal.
Some $15 million of Sloan's 2017 pay consists of stock awards, Wells Fargo said in a regulatory filing bit.ly/2Iq6i7x.
Chief Financial Officer John Shrewsberry’s compensation for 2017 was $11.9 million, compared with $9.3 million in the previous year.
Reporting by Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar and Sriraj Kalluvila