Wells Fargo chief sees his pay double to $21.3m for 2009

City A.M. Reporter
WELLS Fargo & Co, the fourth-largest US bank by assets, paid chief executive John Stumpf compensation worth $21.3m (£14.1m) for 2009, a package that likely makes him the highest-paid US bank chief executive officer, according to materials filed with US regulators.

Stumpf’s compensation included a salary of $5.6m paid in cash and stock and stock awards of more than $13m. Last year, he received total compensation of $8.8m, according to the materials.

Other banks have yet to file preliminary proxy statements with the Securities and Exchange Commission, but Goldman Sachs Group said in filings last month that chief executive officer Lloyd Blankfein would receive a $9m stock bonus. While JPMorgan Chase & Co, the second largest US bank, is set to give chief executive Jamie Dimon a roughly $16m stock payout for 2009, his salary is likely to be lower than Stumpf’s.

Wells Fargo said in December that Stumpf would receive a stock payout worth about $10m but would not receive a cash bonus. Wells Fargo, which reported a record profit of $12.3bn in 2009, said last month it would give shareholders a “say on pay” vote at its annual meeting on 27 April.