Breaking News

Tweet TWEET

Wells Fargo Leaves Stumpf’s 2013 Pay Unchanged

Wells Fargo & Co. (WFC), which reported more profit than any other U.S. bank in 2013, left Chief Executive Officer John Stumpf’s annual compensation unchanged at $19.3 million.

Stumpf, 60, received $2.8 million in salary for his work last year, plus a $4 million bonus and $12.5 million in long-term equity incentive awards, the San Francisco-based bank said today in a filing with the U.S. Securities and Exchange Commission.

Wells Fargo shares rose 33 percent last year. While that trailed the 35 percent advance for the KBW Bank Index (BKX), Wells Fargo is the most valuable lender based on stock-market valuation. Profit was $21.9 billion in 2013, the first time Stumpf’s bank earned more than JPMorgan Chase & Co., the biggest by assets in the U.S., which posted income of $17.9 billion.

The package makes Stumpf the third-highest paid CEO among the five largest U.S. banks. Wells Fargo ranks fourth by assets and is the biggest home lender. Goldman Sachs Group Inc. gave Lloyd C. Blankfein $23 million, while JPMorgan’s Jamie Dimon got $20 million. Morgan Stanley, the sixth-largest by assets, hasn’t released complete 2013 figures for CEO James Gorman.

David Hoyt, head of Wells Fargo’s wholesale-banking unit, received $11 million for his work, a raise of about 3.7 percent, according to the filing. Tim Sloan, the chief financial officer, David Carroll, head of wealth management, and Avid Modjtabai, head of consumer lending, each was paid $8.8 million. Carrie Tolstedt, who leads community banking, was awarded $8.7 million.

The packages for Sloan and Tolstedt were little changed from last year, while Carroll and Modjtabai received raises of about 4.6 percent.

To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net Rick Green, Steven Crabill

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.