By Gina Heeb
Wells Fargo paid Chief Executive Charlie Scharf $31.2 million for 2024, a more than 7% raise from a year earlier.
Scharf earned a base salary of $2.5 million and a cash bonus of $7.2 million, according to a securities filing made public Thursday. The other $21.5 million is in stock that vests over time.
Scharf was brought into Wells Fargo in 2019 to try to right the ship after its fake-account scandal came to light. Since then, the bank has resolved seven consent orders. A regulator-ordered restriction on growth at Wells Fargo, the fourth-largest bank by assets, has remained in place.
JPMorgan Chase and Goldman Sachs awarded CEOs Jamie Dimon and David Solomon $39 million each for 2024. For Dimon, that was an 8% raise from the previous year. It was a 26% bump for Solomon, who also got an $80 million bonus to stay for five more years.
Wells Fargo shares are up roughly 54% over the past 12 months, compared with a 42% rise in the KBW Nasdaq Bank Index.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
January 30, 2025 17:38 ET (22:38 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.