CEO pay at Wells Fargo rises 28% following regulatory progress

Wells Fargo awarded chief executive Charlie Scharf $40 million in compensation for 2025, a 28% increase from the $31.2 million he received a year earlier, the US bank said in a regulatory filing on Thursday.

The board said the pay rise reflected Scharf’s leadership in addressing long-standing compliance failures, closing out several major regulatory actions, and delivering improved financial performance. Earnings and revenue rose during the year, the bank said, supporting the decision.

Scharf has led Wells Fargo since 2019, steering the lender through a prolonged effort to repair its governance and risk controls following years of regulatory scrutiny. The bank has been working to lift asset caps and penalties imposed by US regulators after a series of misconduct scandals.

The compensation increase places Scharf among a group of Wall Street executives who benefited from higher payouts after a strong year for large US banks. Goldman Sachs chief executive David Solomon saw his pay rise 21% to $47 million for 2025, while JPMorgan Chase CEO Jamie Dimon received an increase of just over 10% to $43 million, Reuters reported.

Wells Fargo did not provide a detailed breakdown of Scharf’s pay in the filing cited by Reuters, but executive compensation at large US banks typically includes a mix of base salary, cash incentives and long-term equity awards tied to performance and regulatory milestones.

The pay decision comes at a time when scrutiny of executive compensation remains high, particularly at institutions that have faced enforcement actions. Investors and regulators will continue to watch whether Wells Fargo can sustain progress on compliance and profitability as it seeks to close the gap with rivals.