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Wells Fargo Lures New CEO by Boosting Pay 40% to $23 Million

  • He also gets $26 million of stock to replace forfeited grants
  • He’ll still be among the lesser-paid CEOs at the top six banks
Bloomberg business news
Wells Fargo Names BNY Mellon's Scharf as CEO
Updated on

A significant pay raise may have helped persuade Charlie Scharf to take on the top job at Wells Fargo & Co. -- a role spurned by many of his peers in the finance industry as the bank seeks to recover from a series of scandals.

The incoming chief executive officer’s annual target compensation was set at $23 million, the San Francisco-based lender said Friday in a filing. That’s a 40% jump from what he was entitled to in his final full year leading Bank of New York Mellon Corp.