Wells Fargo & Co. has increased CEO Charles Scharf’s compensation to $31.2 million (259 crore) for 2024, marking a 7.6% rise from the $29 million he earned in 2023. The pay package includes a base salary of $2.5 million and $28.7 million in incentives, as per a recent regulatory filing.
The bank’s board cited Scharf’s “strong leadership” in improving the company’s risk and control infrastructure, which remains a top priority. Under his tenure, Wells Fargo has been working to lift the Federal Reserve’s asset cap imposed in 2018 due to past scandals. In 2023, the bank took a key step by submitting a third-party review of its regulatory overhauls to the central bank.
Wells Fargo’s stock surged over 40% last year, outpacing the KBW Bank Index. Scharf, who took charge in 2019, has focused on cost-cutting and expansion in key areas like investment banking, leading to a 15% rise in non-interest income for 2024.
Meanwhile, JPMorgan Chase & Co. recently raised CEO Jamie Dimon’s pay to $39 million following record annual profits, highlighting a broader trend of rising executive compensation in the banking sector.