Wells Fargo Boosts CEO Scharf’s Pay to $29 Million for 2023

Wells Fargo & Co. lifted Chief Executive Officer Charlie Scharf’s pay to $29 million for 2023, a year in which profit grew and the bank’s shares outperformed those of rivals.

Scharf’s compensation package, up 18% from the $24.5 million he earned for 2022, included a $2.5 million base salary and $26.5 million of cash and long-term equity awards, according to a regulatory filing.

Charles Scharf

Photographer: Ting Shen/Bloomberg

“In reaching this decision, the board noted Mr. Scharf’s strong leadership in improving the financial performance of the company including driving increased efficiency and capital return to shareholders,” San Francisco-based Wells Fargo said in the ...