Wells Fargo hikes CEO Charlie Scharf’s pay to $40M in 2025

Wells Fargo hikes CEO Charlie Scharf’s pay to $40M in 2025

Wells Fargo hiked its pay for CEO Charlie Scharf to $40 million – a roughly 28% bounce – in 2025 as he helped the financial institution flip the web page on a number of federal penalties and billions of {dollars} in fines.

The top exec made $2.5 million in base wage and $37.5 million as a bonus – the highest pay for a Wells Fargo worker in many years, according to a Thursday submitting earlier reported by Bloomberg.

That was up from a wage of $2.5 million and a bonus of $28.7 million in 2024, or $31.2 million complete.

Wells Fargo hiked its pay for CEO Charlie Scharf to $40 million – a roughly 28% bounce – in 2025 . REUTERS

He now ranks among the highest paid financial institution leaders, alongside JPMorgan Chase CEO Jamie Dimon, who earned $43 million, and Goldman Sachs chief David Solomon, $47 million.

Scharf – who took the helm in 2019 – was awarded a one-time, $30 million multi-year inventory award in July as the financial institution’s board appointed him chairman and praised his management in serving to Wells Fargo emerge from regulatory constraints.

Over a number of years beginning in 2018, it was hit with a number of federal penalties for mismanagement, including creation of pretend buyer accounts, mishandling of mortgages and errors in auto lending.

Most not too long ago, in 2023, it was fined $97 million for violating US sanctions.

Last 12 months, in a major win for Scharf, the Federal Reserve eliminated an asset cap that it positioned on the financial institution following the scandals.

In this week’s pay submitting, the financial institution’s board nodded to Scharf’s management in reaching key regulatory objectives, in addition to bettering monetary performance in 2025.

Over a number of years beginning in 2018, the financial institution was hit with a number of federal penalties for mismanagement. Sundry Photography – inventory.adobe.com

The exec has also targeted on progress with focused hires and investments, constructing out the funding banking group and prioritizing bank cards and wealth administration.

Wells Fargo bank card openings rose 21% from the earlier 12 months, to 3 million, and auto mortgage balances jumped 19%, according to the financial institution.

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