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Wells Fargo CEO's 2017 pay jumps 35 percent to $17.6 million


(Reuters) - & Co 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. is looking to rebuild its reputation following a 2016 scandal that involved thousands of employees opening perhaps millions of unauthorized customer accounts.

Sloan, who said in January that the 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. (

Earlier this month, said it was examining its wealth and investment management 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 was forced to resign in the wake of the scandal.

Some $15 million of Sloan's 2017 pay consists of stock awards, said in a regulatory filing

John Shrewsberry's compensation for 2017 was $11.9 million, compared with $9.3 million in the previous year.

(Reporting by in Bengaluru; Editing by and Sriraj Kalluvila)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 15 2018. 03:58 IST