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Wells Fargo Trims CEO Scharf’s Pay to $20.3 Million for 2020

Charles Scharf
Charles ScharfPhotographer: Andrew Harrer/Bloomberg

Wells Fargo & Co. cut Chief Executive Officer Charlie Scharf’s compensation about 12% for 2020, a year in which shares tumbled and the company slashed its dividend and reported its first quarterly loss since 2008.

The board paid Scharf $20.3 million for 2020, his first full year atop Wells Fargo, down from $23 million for 2019. The San Francisco-based firm was the worst performer in the KBW Bank Index for the year, sinking 44% compared with the index’s 14% decline.