Wells Fargo CEO '09 compensation more than doubles

NEW YORK Wed Mar 3, 2010 6:44pm EST

A U.S. flag flies above Wells Fargo & Co headquarters in San Francisco, California, April 22, 2009 file photo. REUTERS/Robert Galbraith

A U.S. flag flies above Wells Fargo & Co headquarters in San Francisco, California, April 22, 2009 file photo.

Credit: Reuters/Robert Galbraith

NEW YORK (Reuters) - Wells Fargo & Co (WFC.N), the fourth-largest U.S. bank by assets, paid Chief Executive John Stumpf compensation worth $21.3 million for 2009, a package that likely makes him the highest-paid U.S. bank CEO, according to materials filed with U.S. regulators.

Stumpf's compensation included a salary of $5.6 million paid in cash and stock and stock awards of more than $13 million. Last year, he received total compensation of $8.8 million, according to the materials.

Other banks have yet to file preliminary proxy statements with the Securities and Exchange Commission, but Goldman Sachs Group (GS.N) said in filings last month that CEO Lloyd Blankfein would receive a $9 million stock bonus.

While JPMorgan Chase & Co (JPM.N), the second largest U.S. bank, is set to give CEO Jamie Dimon a roughly $16 million stock payout for 2009, his salary is likely to be lower than Stumpf's.

Wells Fargo said in December that Stumpf would receive a stock payout worth about $10 million but would not receive a cash bonus.

Wells Fargo, which reported a record profit of $12.3 billion in 2009, said last month it would give shareholders a "say on pay" vote at its annual meeting on April 27. This will be only the second such vote in the company's history.

Shareholders at the San Francisco-based bank's annual meeting will also vote on a shareholder proposal to hold a "say on pay" vote at each annual meeting. The bank is recommending that shareholders vote against this proposal.

"In view of recent legislation and the continuing development of national advisory vote regulation, it is premature and not prudent to adopt this proposal as a permanent policy at this time," the bank said in the documents filed with the SEC.

Compensation for bank executives remains a hot-button issue even after banks like Wells Fargo repaid government bailouts. Wells Fargo received $25 billion under the Troubled Asset Relief Program.

Wells Fargo shares closed 1.18 percent higher at $28.20 on Wednesday. The shares are up 4.5 percent so far this year after falling 8.4 percent in 2009.

(Reporting by Elinor Comlay, editing by Matthew Lewis and Ted Kerr)

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Comments (2)
stud95 wrote:
Wall Street bonuses rise to record levels while the 25% real unemployment in the US is going higher. Make sense? I work for http://storyburn.com and the mess that lands on our doorstep is crazy bad. We have the most read home foreclosure story on the web as well as several job hunting stories.

Mar 03, 2010 6:52pm EST  --  Report as abuse
rgc_11 wrote:
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way – in short, the period was so far like the present period, that some of its noisiest authorities insisted on being received, for good or for evil, in the superlative degree of comparison only. “

“Of the riders in the tumbrils, some observe these things, and all things on their last roadside, with an impassive stare; others, with a lingering interest in the ways of life and men. Some, seated with drooping heads, are sunk in silent despair; again, there are some so heedful of their looks that they cast upon the multitude such glances as they have seen in theatres, and in pictures. Several close their eyes, and think, or try to get their straying thoughts together. Only one, and he a miserable creature, of a crazed aspect, is so shattered and made drunk by horror, that he sings, and tries to dance. Not one of the whole number appeals by look or gesture, to the pity of the people.”

Mar 03, 2010 8:44pm EST  --  Report as abuse
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