On January 26th, it was reported that Charlie Scharf, CEO of Wells Fargo Bank, received a salary of $29 million in 2023, an 18% increase from $24.5 million in 2022. Shafu's 2023 salary includes a $2.5 million base salary and $26.5 million cash and long-term equity rewards.
Wells Fargo Bank stated in the document that in making this decision, the board noted Schaff's strong leadership in improving the company's financial performance, including improving efficiency and shareholder capital returns.
The stock price of Wells Fargo Bank rose 19% last year, ranking third in the KBW Bank Index consisting of 24 financial institutions. Driven by the Federal Reserve's interest rate hike, the bank's net profit for the full year of 2023 increased by 40%, while expenses decreased by nearly 3%.