Money Matters, Simplified.
Wells Fargo CEO receives $18.7mn compensation for 2009
by Ishita Sood - March 4, 2010 - comments
The fourth largest bank in US, Wells Fargo is 150-year-old. It is one of the Big Four Banks of US along with Bank of America, Citigroup, and JPMorgan Chase.
Wells Fargo CEO John Stumpf received a compensation of $18.7 million for 2009, according to a filing with the Securities and Exchange Commission.
The move came after the bank repaid $25 billion to the U.S. Treasury’s Troubled Asset Relief Program last year in December.
Stumpf’s compensation included a salary of $5.6 million in cash and stock, with stock awards of $13 million. It also included $45,895 in perquisites, and financial planning, car services, and home security.
However, he did not receive cash bonus, a similar case as Goldman Sach where 30 high-ranking executives got no cash bonuses.
In 2008, Stumpf had received $8.8 million.
Wells Fargo to incorporate “say on pay”
Wells Fargo, based in San Francisco, said it pleases its executive to keep them on the job.
In addition to Stumpf, the company paid three senior executive vice presidents, David Hoyt, Mark Oman, and David Carroll, and CFO Howard Atkins, $13.5 million, $12.7 million, $14.3-million package and $11.6 million respectively.
Last month, Wells Fargo announced that it will ask shareholders to cast a nonbinding vote on compensation for the bank's top five executives. The vote is expected to be announced at the bank's annual meeting in April.
The “say on pay” issue, debated previously as well, has been submitted to Congress.
Other banks to give executive compensation for 2009 are Goldman Sach, with $9 million stock bonus, and JPMorgan Chase with $16 million.
About Wells Fargo
The fourth largest bank in U.S. Wells Fargo is 150-year-old.
It is one of the Big Four Banks of U.S. along with Bank of America, Citigroup, and JPMorgan Chase.
In 2009, Wells Fargo reported a profit of $12.3 billion. Wednesday saw a rise in its shares by 33 cents.