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Wells Fargo raises CEO Charles Scharf's 2023 pay to $29 million

Published 25/01/2024, 22:40
Updated 25/01/2024, 23:35
© Reuters. Wells Fargo CEO and President Charles W. Scharf speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023. REUTERS/Evelyn Hockstein/File Photo

(Reuters) -Wells Fargo said on Thursday it has raised CEO Charles Scharf's total compensation for 2023 to $29 million.

The compensation consists of a base salary of $2.5 million and a total variable compensation of $26.5 million, which includes $6.6 million in cash and $19.9 million in long-term equity, the bank said in a regulatory filing.

The bank's board expressed strong confidence in Scharf's leadership in "driving the continued transformation of Wells Fargo (NYSE:WFC)".

Scharf's compensation for 2022 stood at $24.5 million.

The lender posted a rise in fourth-quarter profit as it cut costs, but warned of lower net interest income in 2024 as funding costs increase.

Last week, Wall Street giant JPMorgan Chase (NYSE:JPM) said it gave its CEO Jamie Dimon a 4% rise in 2023, while Morgan Stanley (NYSE:MS)'s Executive Chairman James Gorman received a 17% rise in his last year as CEO.

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