The Wall Street Journal: Wells Fargo CEO made $17.4 million in 2017, 291 times company’s median salary

Wells Fargo & Co. awarded Chief Executive Timothy Sloan $17.4 million in compensation for 2017, his first full year leading the embattled bank.

Sloan received $2.4 million in base pay, with a bonus that included shares valued at $15 million. He didn’t receive a cash bonus, though other top executives did.

Sloan’s pay package for 2017 was the lowest compensation for a major U.S. bank executive. But it represented a 36% increase from his total pay package in 2016, when he received $12.83 million. Sloan was promoted to CEO in October 2016, shortly after a scandal erupted over the bank’s sales practices.

The lender said in its annual proxy filing that in 2017 Sloan earned 291 times as much as the median bank salary of $60,446. The disclosure, which uses a slightly different pay calculation for Sloan, is one that other big banks and companies are making for the first time.  With more than 260,000 employees ranging from branch tellers to investment bankers, pay at Wells Fargo WFC, -1.62%   varies widely.

An expanded version of this report appears on WSJ.com.

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