Wells Fargo hikes CEO Charlie Scharf’s pay to $40M – Business News
Wells Fargo hiked its pay for CEO Charlie Scharf to $40 million – a roughly 28% bounce – in 2025 as he helped the bank flip the web page on a number of federal penalties and billions of {dollars} in fines.
The prime exec made $2.5 million in base wage and $37.5 million as a bonus – the very best pay for a Wells Fargo worker in many years, in accordance to a Thursday submitting earlier reported by Bloomberg.
That was up from a wage of $2.5 million and a bonus of $28.7 million in 2024, or $31.2 million whole.
Wells Fargo hiked its pay for CEO Charlie Scharf to $40 million – a roughly 28% bounce – in 2025 . REUTERS
He now ranks among the many highest paid bank leaders, alongside JPMorgan Chase CEO Jamie Dimon, who earned $43 million, and Goldman Sachs chief David Solomon, $47 million.
Scharf – who took the helm in 2019 – was awarded a one-time, $30 million multi-year stock award in July because the bank’s board appointed him chairman and praised his management in serving to Wells Fargo emerge from regulatory constraints.
Over a number of years beginning in 2018, it was hit with a number of federal penalties for mismanagement, together with creation of pretend buyer accounts, mishandling of mortgages and errors in auto lending.
Most just lately, in 2023, it was fined $97 million for violating US sanctions.
Last 12 months, in a main win for Scharf, the Federal Reserve eliminated an asset cap that it positioned on the bank following the scandals.
In this week’s pay submitting, the bank’s board nodded to Scharf’s management in reaching key regulatory targets, in addition to bettering financial efficiency in 2025.
Over a number of years beginning in 2018, the bank was hit with a number of federal penalties for mismanagement. Sundry Photography – stock.adobe.com
The exec has additionally targeted on growth with focused hires and investments, building out the investment banking group and prioritizing credit playing cards and wealth management.
Wells Fargo credit card openings rose 21% from the earlier 12 months, to 3 million, and auto loan balances jumped 19%, in accordance to the bank.
