Banking

Wells Fargo CEO John Stumpf awarded $1 million in stock

Wells Fargo CEO John Stumpf was awarded 18,061 in restricted shares worth $1 million for his work in 2014, the San Francisco-based lender disclosed Thursday. The award matched the $1 million value of the 21,702 shares he was awarded a year ago.
Wells Fargo CEO John Stumpf was awarded 18,061 in restricted shares worth $1 million for his work in 2014, the San Francisco-based lender disclosed Thursday. The award matched the $1 million value of the 21,702 shares he was awarded a year ago. Bloomberg

Wells Fargo CEO John Stumpf received a bonus of $1 million in restricted stock as part of his 2014 compensation, the bank said in a securities filing Thursday.

Stumpf was awarded the 18,061 shares on Tuesday, when they closed at $55.37 each. The award matched the $1 million value of the 21,702 shares Stumpf was awarded a year ago.

More details on Stumpf’s total compensation for 2014, including any cash bonuses and additional stock he might receive, will be reported in the bank’s annual proxy filing, which is usually released in March. Compensation for the bank’s other top executives will also be disclosed in the proxy filing.

For his performance in 2013, Stumpf was awarded total compensation of $19.3 million. That included a base salary of $2.8 million and $12.5 million in stock awards.

San Francisco-based Wells Fargo reported record profit in 2014 of $23.1 billion, up 5.4 percent from the year before.

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