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

(Reuters) - Wells Fargo & Co Chief Executive Officer Tim Sloan's total compensation for 2017 was $17.6 million, about 35 percent higher than the previous year, the third largest U.S. bank said in a regulatory filing http://bit.ly/2pcD4QI on Wednesday.

Sloan was named to Wells Fargo's top job in October 2016 after former CEO John Stumpf 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 Wells Fargo was not certain it had fully uncovered and fixed all problems related to the scandal, in which bank employees opened as many as 3.5 million phoney accounts.

 

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

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

(Reporting by Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar)