Wells Fargo CEO Scharf’s 2022 pay unchanged at US$24.5m

WELLS Fargo & Co chief executive officer Charles Scharf’s total compensation for 2022 was unchanged at US$24.5 million, the Wall Street bank said in a regulatory filing on Thursday.

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

The fourth-largest US lender posted a 50 per cent decline in its fourth-quarter profit, as it racked up more than US$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, US$34.5 million for 2022. REUTERS