Wells Fargo gives CEO Charlie Scharf an 18.4% raise, to $29M.

WELLS Fargo & Co. 006962435 WFC

Wells Fargo has given CEO Charlie Scharf an 18.4% raise, bringing his total compensation for 2023 to $29 million. Scharf requested to be paid less than what he was entitled to, acknowledging that there is still work to be done at the bank. His compensation package includes a base salary of $2.5 million, a cash bonus of $6.6 million, and $19.9 million in long-term equity. Despite the raise, Scharf is no longer the lowest-paid CEO among the six largest U.S. banks. Wells Fargo credited Scharf's leadership for the bank's improved financial performance, including a 40% increase in net income and a 19% rise in stock price in 2023. However, the bank still faces enforcement actions related to its 2016 fake-accounts scandal. [Extracted from the article]

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