Wells Fargo leaves CEO Stumpf’s pay unchanged at $19.3 million

John Stumpf, chairman and chief executive officer of Wells Fargo.
John Stumpf, chairman and chief executive officer of Wells Fargo. BLOOMBERG

Wells Fargo CEO John Stumpf’s total pay stayed the same, at $19.3 million, in 2014, a year in which the bank made more money than its U.S. rivals.

Stumpf, who also serves as chairman, received $12.5 million in stock awards, a $4 million cash bonus and a $2.8 million salary, the San Francisco-based bank said in its annual proxy filing Tuesday.

Charlotte has served as East Coast headquarters for Wells Fargo since its 2008 acquisition of Wachovia and is home to the bank’s biggest employee hub, around 22,000 workers. In 2014, the bank posted a $23.1 billion profit, up 5 percent from the previous year, and saw its stock price climb 21 percent.

Among other top Wells executives, David Carroll, the Charlotte-based head of wealth, brokerage and retirement, made $9.6 million in 2014.

At other big banks, Charlotte-based Bank of America cut CEO Brian Moynihan’s pay 7.1 percent to $13 million, while Citigroup reduced Michael Corbat’s by 9 percent to about $13.2 million. There was no raise for JPMorgan Chase CEO Jamie Dimon, whose pay had almost doubled to $20 million a year earlier. Goldman Sachs awarded CEO Lloyd Blankfein a $24 million package, but it hasn’t said yet whether he’s getting a long-term incentive.

In Tuesday’s proxy, Wells Fargo said it will hold its annual shareholder meeting April 28 in St. Louis. Stockholders will weigh in on executive pay packages and vote on a proposal requiring an independent chairman. Bloomberg News contributed.

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