Moneycontrol PRO
HomeNewsWorldWells Fargo CEO Charles Scharf's 2022 pay unchanged at $24.5 million

Wells Fargo CEO Charles Scharf's 2022 pay unchanged at $24.5 million

Charles Scharf's compensation consisted of $2.5 million in base salary, $5.4 million in cash incentive, $10.8 million long-term performance share award and $5.8 million in restricted share rights, the filing showed.

January 27, 2023 / 07:15 IST
Charles Scharf

Wells Fargo & Co Chief Executive Officer Charles Scharf's total compensation for 2022 was unchanged at $24.5 million, the Wall Street bank said in a regulatory filing on Thursday.

Scharf's compensation consisted of $2.5 million in base salary, $5.4 million in cash incentive, $10.8 million long-term performance share award and $5.8 million in restricted share rights, the filing showed.

The fourth-largest U.S. lender posted a 50% decline in its fourth-quarter profit, as it racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown.

Wall Street's biggest banks saw profits dwindle in 2022 as they stockpiled more rainy-day funds and struggled to contain costs after aggressive interest rate hikes softened demand for mortgages and car loans while raising deposit costs.

Walls Fargo peer JPMorgan Chase & Co last week said it paid its chief executive, Jamie Dimon, $34.5 million for 2022.

Reuters
first published: Jan 27, 2023 07:15 am

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347