Wells Fargo CEO Charles Scharf gets 20% pay raise
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1 min read . Updated: 15 Mar 2022, 06:09 PM IST - His compensation was $24.5 million for 2021, when the stock price surged 59%
Wells Fargo & Co. Chief Executive Charles Scharf earned $24.5 million last year, receiving a 20% raise as the bank recovered from its pandemic slump.
The compensation, like in 2020, included $2.5 million of base pay, according to a regulatory filing on Monday. He also received a $5.4 million cash bonus. The remainder, $16.6 million, is long-term incentive compensation that vests over time and is paid in common stock.
Mr. Scharf earned $20.3 million for 2020, a 12% pay cut from the prior year, as the coronavirus shut down the economy, weighing on the bank’s profits and shares. But both rebounded last year, with Wells Fargo’s share price surging 59%.
The bank is still recovering from its fake-accounts scandal that tarnished its reputation and put it in hot water with regulators. Mr. Scharf was brought in about 2½ years ago to clean up the messes, and has focused on resolving outstanding regulatory issues and cutting costs. The Federal Reserve has capped the size of its balance sheet for more than four years.
Mr. Scharf’s pay lags behind that of the chiefs of Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp., all of whom earned more than $30 million. He was paid more than Citigroup Inc.’s new CEO, who started last year and earned $22.5 million.
Still, Mr. Scharf’s total annualized compensation was 290 times the $73,578 that the median Wells Fargo employee took home last year, the bank said.
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This story has been published from a wire agency feed without modifications to the text
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