1/30, 1:57 AM (Source: TeleTrader)
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Wells Fargo CEO's pay drops 12% to $20.3M in 2020

Wells Fargo disclosed in a filing with the United States Securities and Exchange Commission that its CEO Charles Scharf's total direct compensation stood at $20.3 million in 2020, falling 12% compared to the previous year.

"Mr. Scharf’s compensation for 2020 consisted of base salary of $2,500,000, annual incentive compensation of $4,350,000, payable in cash, and long-term incentive compensation of $13,485,000, split evenly between Performance Shares and Restricted Share Rights," the bank stated.

Wells Fargo added that the reasons for Scharf's smaller pay, among other factors, include the company's financial results for 2020, which were "unfavorably" affected by the COVID-19 pandemic, as well as the bank's action in response to the pandemic such as "funding approximately 194,000 loans totaling $10.5 billion under the Paycheck Protection Program."

Breaking the News / NP