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Wells Fargo CEO Scharf's pay drops nearly 12per cent in 2020

Wells Fargo & Co Chief Executive Officer Charles Scharf's annual pay fell by about US$3 million, or 11.7per cent, in 2020, a regulatory filing showed on Friday.

Wells Fargo CEO Charlie Scharf testifies before a House Financial Services Committee on Capitol Hil
FILE PHOTO: Wells Fargo CEO Charlie Scharf testifies before a House Financial Services Committee on Capitol Hill in Washington, U.S., March 10, 2020. REUTERS/Carlos Barria

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REUTERS: Wells Fargo & Co Chief Executive Officer Charles Scharf's annual pay fell by about US$3 million, or 11.7per cent, in 2020, a regulatory filing showed on Friday.

Scharf will receive US$20.3 million for his work during the year, compared with US$23 million in 2019, the bank said. https://bit.ly/3ahptPv

Wells Fargo's board cited the drop in the bank's financial results for 2020 as one of the reasons for Scharf's lower compensation.

The board noted that the results were significantly impacted by the effects of the COVID-19 pandemic on the economy and market conditions.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni)

Source: Reuters