Wells Fargo Chief Executive Officer Charlie Scharf received a 7.6% pay increase in 2024, according to an AdvisorHub report.
The bank disclosed in a securities filing that Scharf was paid a total of $31.2 million for the year, up from the $29 million he received a year earlier.
in making the announcement, Wells Fargo’s board of directors said the increase came after Scharf led the bank’s excellent financial performance, returning roughly $25 billion to shareholders.
Other key achievements highlighted included a reported 11% increase in diluted earnings per share to $5.37 from the previous year. Shares in the bank rose more than 40% in 2024.
The compensation package included a base salary of $2.5 million and $28.7 million in incentives for Scharf, who assumed the CEO role in 2019.
“In reaching this decision, the board noted Mr. Scharf’s strong leadership in making significant progress in strengthening the company’s risk and control infrastructure, which remains the company’s number one priority,” the board said in the filing.
The board also noted strategic growth initiatives under Scharf’s leadership, including the launch of new credit card offerings, restructuring of the Home Lending business, and expansion in Consumer, Small and Business Banking.
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