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Wells Fargo CEO’s pay raise draws rare Fed response

Wells Fargo gave chief executive Tim Sloan a 5 percent pay raise for 2018, prompting the Federal Reserve to release a statement saying that it does not sign off on executive pay. Sloan’s base salary remained flat at $2.4 million, he earned $14 million stock awards and the board awarded him a $2 million bonus based on the bank’s financial performance and other factors, according to a company filing. In 2017, Sloan did not receive a bonus and his total compensation was $17.4 million. “The Federal Reserve does not approve pay packages. We expect boards of directors to hold management accountable,” said a Fed spokesperson in an emailed statement when asked about the bank’s new executive compensation numbers. The Fed typically h ...
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