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Wells Fargo CEO Sloan's pay rose 35 percent in 2017 to $17.6 million


(Reuters) - & Co Tim Sloan's total compensation for 2017 was $17.6 million, about 35 percent higher than the previous year, the third largest U.S. said in a regulatory filing on Wednesday.

Sloan was named to Wells Fargo's top job in October 2016 after former was forced to resign in the aftermath of a high-profile sales scandal that has hurt the bank's reputation and hampered its cost-cutting efforts.

Sloan said in January that was not certain it had fully uncovered and fixed all problems related to the scandal, in which employees opened as many as 3.5 million phoney accounts.

Some $15 million of Sloan's 2017 pay consists of stock awards.

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 Sai Sachin Ravikumar)

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

First Published: Thu, March 15 2018. 02:44 IST