Friday, March 15, 2013

Wells Fargo execs got pay bumps in 2012

Wells Fargo's top executives all received a boost in total compensation last year, according to a regulatory filing made Thursday.

The higher compensation coincides with stronger financial results. In 2012, Wells posted earnings of $18.9 billion, up 19 percent from $15.9 billion in 2011. Revenue rose 6 percent in 2012, to $86.1 billion.

The San Francisco-based bank's CEO, John Stumpf, saw his 2012 compensation, which includes stock awards, rise 15 percent, to $22.8 million from $19.8 million the year before. But Stumpf's salary was unchanged, at $2.8 million.

Timothy Sloan, chief financial officer, received an 8.1 percent bump in compensation, to $9 million from $8.3 million.

The largest increase in compensation went to David Hoyt, senior vice president of wholesale banking. Hoyt's compensation rose 21.8 percent, to $12.8 million from $10.5 million.