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Wells Fargo CEO Scharf’s salary at $24.5 Million for 2022

Charlie Scharf, Chief Executive of Wells Fargo. This was despite the fact that the bank’s profit and stock fell in the year. The bank also continued to deal with the fallout from a series of scandals. According to Thursday’s filing, Al Drago/Bloomberg Scharf received a $2.5 million salary and $22,000,000 in incentives. The CEO requested that the board not give him a raise due to the work still to be done in restructuring the company. However, the filing on Thursday shows that the panel gave him credit for addressing regulatory and risk issues, as well as other improvements to the business. The bank stated that it had strong confidence in Scharf’s leadership in driving Wells Fargo’s continued transformation and valued his ongoing contribution to shareholders, customers, communities, and employees. However, net income for the U.S. lending company was $13.2 billion last year, a 39% decrease from 2021. Two quarters of severe operating losses were caused by ongoing legal and regulatory issues, including a December settlement with Consumer Financial Protection Bureau. The Federal Reserve has imposed an asset limit that limits the firm to the level it was at the end 2017. Shares fell 13.9% in 2018. Morgan Stanley reduced CEO James Gorman’s 2022 compensation by 10% to $31.5million.