Wells Fargo CEO Scharf's 2022 pay unchanged at $24.5 million By Reuters

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Wells Fargo CEO Scharf's 2022 pay unchanged at $24.5 million

Published Jan 26, 2023 07:35PM ET Updated Jan 26, 2023 07:40PM ET

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Wells Fargo CEO Scharf's 2022 pay unchanged at $24.5 million

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(Reuters) - Wells Fargo (NYSE:WFC) & Co Chief Executive Officer Charles Scharf's total compensation for 2022 was unchanged at $24.5 million, the Wall Street bank said in a regulatory filing on Thursday.

Scharf's compensation consisted of $2.5 million in base salary, $5.4 million in cash incentive, $10.8 million long-term performance share award and $5.8 million in restricted share rights, the filing showed.

The fourth-largest U.S. lender posted a 50% decline in its fourth-quarter profit, as it racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown.

Wall Street's biggest banks saw profits dwindle in 2022 as they stockpiled more rainy-day funds and struggled to contain costs after aggressive interest rate hikes softened demand for mortgages and car loans while raising deposit costs.

Walls Fargo peer JPMorgan Chase & Co (NYSE:JPM) last week said it paid its chief executive, Jamie Dimon, $34.5 million for 2022.

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Comments (1)

paulsmith007 Jan 26, 2023 9:21PM ET

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Rich get richer. Pay hardly any taxes and get rewarded for poor performances.

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