UPDATE 1-Wells Fargo shrinks CEO's base pay to $2.8M

* Stumpf to receive base pay of $2.8M; down from $5.6M

* Pay will be in all cash, instead of stock and cash mix

NEW YORK Feb 26 (Reuters) - Wells Fargo & Co (WFC.N) cut in half the base pay of Chief Executive John Stumpf, according to a regulatory filing on Friday.

Stumpf will be paid a cash salary of $2.8 million starting on March 1, down from the $5.6 million cash and stock salary he used to receive.

The San Francisco-based bank said it would defer decisions on compensation performance pay for its top executives until it had conducted a review of peer compensation data.

The company changed its performance pay practices after thebailout by U.S. taxpayers during the financial crisis. The company repaid the government in December and no longer faces restrictions on pay connected to the bailout program.

Compensation remains an important topic for financial firms, even after banks repaid government bailouts.

In December, Wells Fargo said Stumpf and three other top executives would receive stock payouts worth a total of about $25 million for 2009, but no cash bonuses.

Stumpf received total compensation of $9.4 million in 2008.

Wells Fargo said earlier this week that shareholders will have a "say on pay" vote at the bank's annual meeting in April. (Reporting by Steve Eder)