Banking

Wells Fargo CEO’s pay remains flat at $19.3 million

Wells Fargo CEO John Stumpf’s total compensation remained flat at $19.3 million in 2015, according to a securities filing Wednesday.
Wells Fargo CEO John Stumpf’s total compensation remained flat at $19.3 million in 2015, according to a securities filing Wednesday. mhames@charlotteobserver.com

Wells Fargo CEO John Stumpf’s total compensation remained flat at $19.3 million in 2015, according to a securities filing Wednesday.

Stumpf received $2.8 million in salary, a $4 million bonus and $12.5 million in performance-based stock awards, the same amounts he received for 2014.

Stumpf’s pay remained unchanged during a year in which the San Francisco-based bank made a near-record $23.03 billion in profits. The bank’s shares slipped less than 1 percent last year, slightly better than the 1.6 percent decline in the KBW Nasdaq Bank Index.

Bank stocks, however, have been under pressure in 2016 amid concerns about the global economy and potential losses from loans made to the oil and natural gas industry. Wells shares are down more than 8 percent so far this year, compared with a nearly 12 percent drop in the bank index.

Stumpf made more than the $16 million that Bank of America CEO Brian Moynihan received in 2015. But he earned less than JPMorgan’s Jamie Dimon ($20 million) and Goldman Sachs’ Lloyd Blankfein ($24 million).

Wells Fargo’s annual proxy filing also listed total compensation for other top executives: chief financial officer John Shrewsberry ($9.1 million), president Tim Sloan ($11 million), wealth and investment management head David Carroll ($9.1 million), consumer lending executive Avid Modjtabai ($9.1 million) and community banking head Carrie Tolstedt ($9.1 million).

Sloan and Shrewsberry received raises in 2015, while the other lieutenants saw a slight decrease in their pay. Stumpf’s compensation has been set at $19.3 million since 2012, when it was bumped from $17.9 million.

The nation’s No. 3 bank by assets disclosed that its annual shareholders meeting will be held April 26 in Scottsdale, Ariz. The bank has been shifting the meeting to new locations since 2013.

At the stockholder meeting, shareholders will once again get a chance to vote on a proposal that would require the splitting of the CEO and chairman roles currently held by Stumpf. Similar proposals in recent years have failed to receive shareholder approval.

Wells, which bought Charlotte’s Wachovia in 2008, has its biggest employee hub here.

Rick Rothacker: 704-358-5170, @rickrothacker

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