Wells Fargo Increases CEO Stumpf’s 2012 Pay 8% to $19.3 MillionDakin Campbell
Wells Fargo & Co. boosted Chief Executive Officer John Stumpf’s compensation for 2012 by 7.8 percent to $19.3 million, making him the second highest-paid leader among the biggest U.S. lenders.
Stumpf received $12.5 million in stock awards and a $4 million bonus, some of which was awarded as restricted stock, the San Francisco-based bank said today in a regulatory filing. He received a $2.8 million salary. Wells Fargo gave Stumpf $17.9 million for his work in 2011.
Shares of Wells Fargo, the biggest U.S. home lender, rose 24 percent last year as residential markets firmed and the company originated almost 1 in 3 mortgages. Net income of $18.9 billion set a record for a third straight year.
Stumpf’s pay fell short of Goldman Sachs Group Inc. CEO Lloyd Blankfein. The New York-based firm gave Blankfein $21 million, a person with knowledge of the matter said in January. Both Stumpf and Blankfein outpaced JPMorgan Chase & Co.’s Jamie Dimon, who runs the biggest U.S. bank. Dimon’s pay was halved to $11.5 million as a penalty for the CEO’s role in the so-called London Whale episode that led to a trading loss of more than $6.2 billion at his New York-based company.
Under regulatory guidelines that also include changes in executive pension accounts, Stumpf received $22.9 million in compensation for 2012. The change in the pension plan was $3.6 million. Wells Fargo gave Stumpf $19.8 million last year, including a $1.9 million change in the pension.