NEW YORK (AP) — Well Fargo's board of directors has given CEO Tim Sloan a $4.6 million raise, despite the bank continuing to face the fallout of its sales-practices scandal and other issues.
In its annual proxy to shareholders, Wells Fargo said Wednesday that Sloan made $17.6 million last year, up from $13 million in 2016. While Sloan did not get a cash bonus in 2017, the value of the Wells Fargo stock awarded him rose to $15 million from $10.5 million.
John Shrewsberry, the bank's chief financial officer, saw his total compensation increase to $11.9 million in 2017 from $9.3 million in 2016.
San Francisco-based Wells Fargo is facing several investigations into its business, most notably its opening of millions of fake accounts without getting customers' authorization.