Wells Fargo Boosts CEO Sloan’s Pay 36% to $17.4 Million for 2017

Wells Fargo & Co. paid Chief Executive Officer Tim Sloan $17.4 million for 2017, a 36 percent increase from a year earlier, as the bank struggled to free itself from a string of scandals.

Sloan, 57, received $2.4 million in salary and $15 million of restricted stock, some of which is linked to return on equity compared with other financial firms, the San Francisco-based bank said Wednesday in a proxy filing. He asked the board not to award him a bonus, according to the filing.

Wells Fargo has been excoriated for bad behavior, including employees creating legions of fake accounts and allegedly making inappropriate recommendations to customers seeking alternative investments. Regulators also are probing whether the bank overcharged consumers for home and auto loans as well as clients with fiduciary and custody accounts, the company has said. Last month, the Federal Reserve blocked the firm from growing its assets until it cleans up its messes.


Leave a Reply