Wells Fargo & Co. (NYSE:WFC) CEO John Stumpf received $13.8 million as compensation in 2008. Not bad for his first full year as Wells Fargo's head honcho, but not nearly as rich as his predecessor's compensation package. Stumpf, who became CEO of the San Francisco-based bank in June 2007, replaced Richard Kovacevich, who received $22.9 million in 2007, according to CNBC.
Stumpf's salary was $878,920, and his options awards were $12,933,498, according to an SEC filing. Wells Fargo posted a 2008 profit of $2.66 billion, and it acquired troubled Wachovia out from under rival bidder Citigroup Inc. (NYSE:C).
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So how does Stumpf's compensation compare to other top bank chiefs?
- Bank of America Corp. (NYSE:BAC) CEO Ken Lewis had his total salary cut by 60% to $9.9 million, down from $24.8 million in 2007. Mind you his base salary was $1.5 million, and the remaining $7 million was stock option awards.
- Goldman Sachs Group Inc.'s (NYSE:GS) CEO Lloyd Blankfein received a $600,000 salary for 2008 and declined his bonus amid controversy involving peers.
- US Bankcorp (NYSE:USB) CEO Richard Davis received a compensation package of $5 million for 2008.
- Citigroup CEO Vikram Pandit received a salary of $1 and no bonus.
Aside from Pandit, most banking chiefs will likely see further reductions in their compensation for 2009 because President Obama is planning on imposing compensation restrictions on banks receiving Troubled Asset
Relief Program funds. The proposed rules would limit bank executive's compensation to $500,000 a year plus
restricted stock awards.
- Maria Woehr
