Wells Fargo CEO '09 compensation more than doubles
NEW YORK |
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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