Wells Fargo CEO Received $12.83 Million Pay Package for 2016

By Emily Glazer 

Wells Fargo & Co. awarded Chief Executive Timothy Sloan $12.83 million in compensation for 2016 after he took over the embattled bank this fall following its sales practices scandal.

Mr. Sloan received $2.33 million in base pay, with a bonus that included shares valued at $10.5 million.

He, along with seven other executives, didn't receive a cash bonus this year compared with $1 million Mr. Sloan received for 2015 and the $4 million that his predecessor John Stumpf received in cash bonus that year.

The lack of cash bonus along with up to 50% reduction in certain stock awards for 2016 was meant to reflect the $185 million fine the bank paid last fall for opening as many as 2.1 million accounts using fictitious or unauthorized customer information.

Wells Fargo has since faced public and political criticism, as well as state and federal investigations.

Mr. Sloan's pay package for 2016 was the lowest of major U.S. bank executives. He received $11 million in total pay in 2015, a year when he oversaw the bank's wholesale unit and was also promoted to president and chief operating officer toward the end of the year.

His predecessor Mr. Stumpf received $19.3 million in 2015 and just a base salary of $2.07 million in 2016. He abruptly retired in October following the scandal and two congressional grillings. The board clawed back in late September around $41 million of his pay.

The compensation of Wells Fargo's top executives has sometimes paled in comparison with Wall Street chiefs that run large trading and merger-advisory operations. But the gap had closed in recent years.

Write to Emily Glazer at [e-mail]

(END) Dow Jones Newswires

March 15, 2017 17:21 ET (21:21 GMT)

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