Wells Fargo Lures CEO Scharf With 40% Raise to $23 Million (1)

A significant pay raise may have helped persuade Charlie Scharf to take on the top job at Wells Fargo & Co. -- a role spurned by many of his peers in the finance industry as the bank seeks to recover from a series of scandals.

The incoming chief executive officer’s annual target compensation was set at $23 million, the San Francisco-based lender said Friday in a filing. That’s a 40% jump from what he was entitled to in his final full year leading Bank of New York Mellon Corp.

Scharf’s pay package signals that Wells Fargo’s board didn’t ...