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Wells Fargo & Co. lifted Chief Govt Officer Charlie Scharf’s pay to $29 million for 2023, a 12 months wherein revenue grew and the financial institution’s shares outperformed these of rivals.
Scharf’s compensation bundle, up 18% from the $24.5 million he earned for 2022, included a $2.5 million base wage and $26.5 million of money and long-term fairness awards, in line with a regulatory submitting.
“In reaching this choice, the board famous Mr. Scharf’s robust management in bettering the monetary efficiency of the corporate together with driving elevated effectivity and capital return to shareholders,” San Francisco-based Wells Fargo stated within the submitting.
The financial institution additionally stated that, as with final 12 months, Scharf requested for “damaging discretion” due to the work nonetheless wanted to remake the agency. He in any other case would’ve earned $30.3 million.
Shares of Wells Fargo rose 19% final 12 months, making it the third-best performer within the 24-member KBW Financial institution Index.
The agency’s full-year web earnings climbed 40% in 2023, boosted by the Federal Reserve’s charge hikes, whereas bills fell virtually 3%, an indication of progress for Scharf’s cost-cutting efforts.
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