Wells Fargo CEO John Stumpf’s pay stays steady at $19.3 million
03/18/2014 4:47 PM
03/18/2014 5:14 PM
Wells Fargo CEO John Stumpf was awarded $19.3 million for his performance in 2013, the exact same amount he made the year before.
Several of his top executives, including Charlotte-based wealth, brokerage and retirement head David Carroll, earned small pay increases as the bank continued to post record earnings each quarter despite a slowdown in mortgage revenue.
Carroll received $8.8 million for 2013, compared with $8.4 million the year before. His wealth unit posted a record $1.7 billion net income last year. Carroll is the highest-ranking Wells Fargo executive in Charlotte.
The bank disclosed the compensation in a securities filing Tuesday.
In support of its pay decisions, Wells Fargo’s board cited the bank’s record $21.9 billion in net income in 2013, making it the country’s most profitable bank. Wells kept its streak of record quarterly profits alive throughout the year even as mortgage revenue took a severe hit as rising interest rates led fewer homeowners to refinance.
Stumpf again out-earned his counterpart at Charlotte-based Bank of America. CEO Brian Moynihan was awarded $14 million for his performance in 2013, though his pay jumped 17 percent from the year before.
Stumpf’s pay came in just shy of that of JPMorgan Chase CEO Jamie Dimon, who was awarded $20 million.
The bank also said it will hold its annual meeting in San Antonio this spring, the second year in a row it’s been outside its headquarters city of San Francisco. Last year, it was held in Salt Lake City.
Stumpf also faces another stockholder proposal that calls on the bank’s board to split the chairman and CEO roles at Wells Fargo. Stumpf currently holds both posts. A similar proposal last year was rejected.
Wells Fargo declined to comment beyond the securities filing.
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