(Bloomberg) -- Wells Fargo & Co., the most valuable U.S. bank, left Chief Executive Officer John Stumpf’s compensation for 2015 unchanged at $19.3 million.
Stumpf, 62, received $2.8 million in salary, a $4 million bonus and $12.5 million in long-term equity incentive awards, the San Francisco-based bank said Wednesday in a filing with the U.S. Securities and Exchange Commission. That’s the same total he received for each of the three prior years.
Wells Fargo reported profit of $22.9 billion last year, down 0.9 percent from 2014, according to the filing. The bank’s shares returned 1.9 percent in the period, including reinvested dividends, compared with a 0.5 percent total return for the 24-company KBW Bank Index. Wells Fargo is the biggest home lender in the U.S. and ranks third by assets.
Bank of America Corp. awarded CEO Brian T. Moynihan $16 million for his work last year, a 23 percent increase from a year earlier. JPMorgan Chase & Co.’s Jamie Dimon got a 35 percent boost to $27 million and Citigroup Inc. raised Mike Corbat’s compensation 27 percent to $16.5 million.
Executives of some other major Wall Street banks saw their compensation for 2015 reduced as they dealt with missed financial targets and falling stock prices. Morgan Stanley cut CEO James Gorman’s pay by 6.7 percent to $21 million and Goldman Sachs Group Inc. reduced Lloyd C. Blankfein’s 4.2 percent to $23 million.
Wells Fargo will hold its annual meeting of shareholders April 26 in Scottsdale, Arizona, according to the proxy.
--With assistance from Caleb Melby. To contact the reporter on this story: Laura J. Keller in New York at [email protected] To contact the editors responsible for this story: Peter Eichenbaum at [email protected] Steven Crabill
