Wells Fargo Co. paid Chief Executive Officer Tim Sloan $17.4 million for 2017, a 36 percent boost from a year earlier, as a bank struggled to giveaway itself from a fibre of scandals.
Sloan, 57, perceived $2.4 million in income and $15 million of limited stock, some of that is related to lapse on equity compared with other financial firms, a San Francisco-based bank pronounced Wednesday in a substitute filing. He asked a house not to endowment him a bonus, according to a filing.
Wells Fargo has been excoriated for bad behavior, including employees formulating legions of feign accounts and allegedly creation inapt recommendations to business seeking choice investments. Regulators also are probing either a bank overcharged consumers for home and automobile loans as good as clients with fiduciary and control accounts, a association has said. Last month, a Federal Reserve blocked a organisation from flourishing a resources until it cleans adult a messes.
Sloan perceived a $12.8 million compensate package for 2016, when he took over as CEO from John Stumpf, who late after being grilled in Congress about a bogus-accounts scandal. Senior executives didn’t accept bonuses that year in light of their “collective burden for a altogether operational and reputational risk” of a bank, according to a 2017 proxy. Chief Financial Officer John Shrewsberry and other comparison managers, other than Sloan, did get bonuses for final year.
This year’s filing includes a shareholder offer from a New York State Common Retirement Fund, that asks Wells Fargo to furnish a news on either certain employees accept inducement remuneration that could inspire extreme risk-taking. The house is propelling investors to reject a measure.
Shares of a lender returned 13 percent final year, including reinvested dividends, trailing a 19 percent lapse for a 24-company KBW Bank Index.
— With assistance by Jenn Zhao, and Alicia Ritcey