Wells Fargo Keeps Stumpf 2013 Pay at $19 Million

(Bloomberg) -- Wells Fargo & Co., which reported more profit than any other U.S. bank in 2013, left Chief Executive Officer John Stumpf’s annual compensation unchanged at $19.3 million.

Stumpf, 60, received $2.8 million in salary for his work last year, plus a $4 million bonus and $12.5 million in long- term equity incentive awards, the San Francisco-based bank said today in a filing with the U.S. Securities and Exchange Commission.

Wells Fargo shares rose 33 percent last year. While that trailed the 35% advance for the KBW Bank Index, Wells Fargo is the most valuable lender based on stock-market valuation. Profit was $21.9 billion in 2013, the first time Stumpf’s bank earned more than JPMorgan Chase & Co., the biggest by assets in the U.S., which posted income of $17.9 billion.

The package makes Stumpf the third-highest paid CEO among the five largest U.S. banks. Wells Fargo ranks fourth by assets and is the biggest home lender. Goldman Sachs Group Inc. gave Lloyd C. Blankfein $23 million, while JPMorgan’s Jamie Dimon got $20 million. Morgan Stanley, the sixth-largest by assets, hasn’t released complete 2013 figures for CEO James Gorman.

David Hoyt, head of Wells Fargo’s wholesale-banking unit, received $11 million for his work, a raise of about 3.7 percent, according to the filing. Tim Sloan, the chief financial officer, David Carroll, head of wealth management, and Avid Modjtabai, head of consumer lending, each was paid $8.8 million. Carrie Tolstedt, who leads community banking, was awarded $8.7 million.

The packages for Sloan and Tolstedt were little changed from last year, while Carroll and Modjtabai received raises of about 4.6%.

Read more:

Get access to this article and thousands more...

All Financial Planning articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.

Already Registered?

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Already a subscriber? Log in here