Wells Fargo & Co. awarded Chief Executive Timothy Sloan $17.four million in reimbursement for 2017, his first complete yr main the embattled financial institution.
Sloan won $2.four million in base pay, with an advantage that integrated stocks valued at $15 million. He didn’t obtain a money bonus, even though different best executives did.
Sloan’s pay package deal for 2017 used to be the lowest reimbursement for a big U.S. financial institution government. But it represented a 36% building up from his general pay package deal in 2016, when he won $12.83 million. Sloan used to be promoted to CEO in October 2016, in a while after a scandal erupted over the financial institution’s gross sales practices.
The lender mentioned in its annual proxy submitting that in 2017 Sloan earned 291 times up to the median financial institution salary of $60,446. The disclosure, which makes use of a fairly other pay calculation for Sloan, is one who different large banks and firms are making for the primary time. With greater than 260,000 workers starting from department tellers to funding bankers, pay at Wells Fargo
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