Wells Fargo CEO takes a big pay cut

CHARLOTTE, N.C. — Wells Fargo & Co. said Friday that CEO Charlie Scharf had his pay cut 12% in 2020, his first full year at the helm.

[ALSO READ: Charlotte a likely target for Wells Fargo layoffs, analyst says]

While 2020 was a difficult year for many amid the Covid-19 pandemic, things were even worse for the San Francisco-based bank and its shareholders, who saw the value of the company’s stock fall 44% and its dividend slashed.

Wells Fargo aid the pay of Scharf and other executives reflected the bank’s financial performance that was “significantly impacted” last year by the pandemic’s effect on economic and market conditions.

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Wells Fargo signals substantial layoffs ahead Wells Fargo signals substantial layoffs ahead

Cox Media Group