Wells Fargo left Chief Executive John Stumpf's compensation for 2015 unchanged at $19.3 million.
Stumpf, 62, received $2.8 million in salary, a $4 million bonus and $12.5 million in long-term equity incentive awards, the San Francisco-based bank said Wednesday in a filing with the U.S. Securities and Exchange Commission. That's the same total he received for each of the three prior years.
Wells Fargo reported profit of $22.9 billion last year, down 0.9% from 2014, according to the filing. The bank's shares returned 1.9% in the period, including reinvested dividends, compared with a 0.5% total return for the 24-company KBW Bank Index. Wells Fargo is the biggest home lender in the U.S. and ranks third by assets.
-
Wells Fargo has promoted Tim Sloan to president and chief operating officer, a move that likely puts him on a short list of candidates to succeed John Stumpf as chief executive.
November 17 -
The San Francisco bank's cross-selling ratio has begun to sputter, raising questions about whether its aggressive sales approach is starting to chase off too many customers. The problem is more than Wells Fargo's, too, since so many banks have sought to imitate its strategy for selling each customer multiple products.
January 20 -
JPMorgan Chase chief Jamie Dimon added to his defenses of megabanks, arguing that regional and community banks rely on them. The comments could inflame tensions among banks instead of easing them.
February 23
Bank of America awarded CEO Brian Moynihan $16 million for his work last year, a 23% increase from a year earlier. JPMorgan Chase's Jamie Dimon got a 35% boost to $27 million and Citigroup raised Mike Corbat's compensation 27% to $16.5 million.
Executives of some other major Wall Street banks saw their compensation for 2015 reduced as they dealt with missed financial targets and falling stock prices. Morgan Stanley cut CEO James Gorman's pay by 6.7% to $21 million and Goldman Sachs Group reduced Lloyd Blankfein's 4.2% to $23 million.
Wells Fargo will hold its annual meeting of shareholders April 26 in Scottsdale, Arizona, according to the proxy.
