Since 2007, when John Stumpf was appointed CEO, the bank's shares have increase by about 55%. Does his pay reflect that growth, and how does it compare to other big bank CEOs?
Wells Fargo and CO.’s CEO John Stumpf was awarded $19.3 million in compensation for 2014, unchanged from his pay package in the previous year.
Stumpf received a base pay of $2.8 million in 2014, plus a performance-based bonus that included shares valued at $12.5 million and a cash bonus of $4 million, according to The Wall Street Journal.
In a statement, Wells Fargo said Stumpf’s leadership “continues to be critical” to the company’s long-term strategy.
In late 2014, Stumpf gained notoriety when Portland-based Wells Fargo loan collection worker Tyler Oates sent him an email—copied to thousands of Wells Fargo employees—that suggested that all employees receive $10,000 raises. Wells Fargo responded by saying it provides “market competitive” pay.
Stumpf has been CEO since June 2007, and since his appointment, Wells Fargo shares have increased by about 55%.
Pay packages for other big bank executives have been mixed. Below is a list of how other CEO’s have fared:
- Goldman Sachs’ GS Lloyd Blankfein received compensation valued at $24 million, up from $23 million in 2013.
- JPMorganChase JPM CEO Jamie Dimon’s compensation was flat at $20 million.
- Bank of America’s BAC Brian Moynihan’s compensation fell to $13 million, down 10.3% from 2013’s $14.5 million.
- Citigroup CEO Michael Corbat’s compensation fell 17%to $14.5 million. He gained another $935,000 from vested shares.
- Capital OneCOFCEO Richard Fairbank received compensation valued at $19.6 million, gaining another $22.9 million from vested shares.
