Wells Fargo CEO Charles Scharf. (Photo: Kyle Grillot/Bloomberg)
Wells Fargo CEO Charlie Scharf's compensation fell 12% in 2020, according to a recent regulatory filing. Scharf's total pay was $20.3 million for 2020, down from $23 million for 2019.
This puts him behind Morgan Stanley CEO James Gorman, whose pay rose 22% last year to $33 million; and JPMorgan Chase CEO Jamie Dimon, whose compensation remained unchanged in 2020 at $31.5 million.
However, Scharf fared better than Goldman Sachs CEO David Solomon, whose compensation was reduced by 36% to $17.5 million due to the bank's ties to a Malaysian investment fund at the center of a global corruption ring.
For for the full year 2020, Wells Fargo's net revenues declined 15% from 2019 to $72.34 billion. Net income dropped 83% to $3.30 billion, while earnings per share fell 90% to $0.41.
As of the fourth quarter, Wells Fargo's headcount of both financial and wealth advisors stood at 13,513 — versus 14,414 a year ago and 13,793 in the prior quarter. In its third-quarter financial report, Wells Fargo reported that it had 12,908 financial advisors, down 815, or 6%, from a year ago and 391, or 3%, from the prior quarter.
Recent Results
Wells Fargo topped estimates with net income of $2.99 billion, or $0.64 per share, in the fourth quarter of 2020, a 4% rise from $2.87 billion, or $0.60 cents per share, a year earlier. Revenue, though, fell by 10% to $17.93 billion in the quarter from $19.86 billion a year earlier and missed estimates.
