Wells Fargo CEO John Stumpf's pay stays steady at $19.3 million [The Charlotte Observer :: ]
(Charlotte Observer (NC) Via Acquire Media NewsEdge) March 18--Wells Fargo CEO John Stumpf was awarded $19.3 million for his performance in 2013, the exact same amount he made the year before.
Several of his top executives, including Charlotte-based wealth, brokerage and retirement head David Carroll, earned small pay increases as the bank continued to post record earnings each quarter despite a slow-down in mortgage revenue.
Carroll received $8.8 million for 2013, compared with $8.4 million the year before. His wealth unit posted a record $1.7 billion net income last year. Carroll is the highest-ranking Wells Fargo executive in Charlotte.
The bank disclosed the compensation in a securities filing Tuesday.
In make the decisions, Wells Fargo's board cited the bank's record $21.9 billion in net income in 2013, making it the country's most profitable bank. Wells kept its streak of record quarterly profits alive throughout the year even as mortgage revenue took a severe hit as rising interest rates led fewer homeowners to refinance.
Stumpf again out-earned his counterpart at Bank of America. CEO Brian Moynihan was awarded $14 million for his performance in 2013, though his pay jumped 17 percent from the year before.
Stumpf's pay came in just shy of that of JPMorgan Chase CEO Jamie Dimon, who was awarded $20 million.
Wells Fargo declined to comment beyond what was in the securities filing.
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