Fifth Third to pay retiring chief risk officer $1.7M

Cincinnati-based Fifth Third Bank said Tuesday in a securities filing that it expects to pay former Chief Risk Officer Paul Reynolds $1.7 million in retirement compensation.

Reynolds' last day with the bank was Friday. His retirement was announced in June, the same day the company said Chief Administrative Officer Todd Clossin would retire July 5.

Under the terms of the deal, the bank will pay Reynolds in a lump sum six months after his last day with the company.

In its 2012 report, the bank said Reynolds was 51. His total compensation last year was $2.2 million, including base salary of $550,000.

Reynolds began working for Fifth Third in 1990 as vice president of the legal department.