Not Feinly tuned

5 March 2010 By Antony Currie Follow @AntonyMCurrie

Obama’s pay czar is right to be annoyed by CEO John Stumpf s $21 mln of compensation. He’s the only big bank boss whose pay surged. Yet Wells also benefited from the bailouts and its performance paled compared to the relatively parsimonious Goldman.

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Ken Feinberg, President Barack Obama's pay czar, said Wells Fargo boss John Stumpf's $21 million compensation for 2009 raises serious questions in an interview with CNBC.

Stumpf's salary for the year was $5.6 million, more than six times 2008, the result of changes introduced last August when the bank faced the prospect of not being able to pay bonuses while still holding U.S. government capital under the Troubled Asset Relief Program. Only 16 percent, or $900,000, of the salary was paid in cash roughly the same as his total 2008 salary. The rest was paid in stock.

Stumpf was also paid a stock bonus of $13 million, while changes in pension and other deferred compensation accounted for $2.58 million.

Link to Wells Fargo's 2009 preliminary proxy statement

Context News

Ken Feinberg, President Barack Obama's pay czar, said Wells Fargo boss John Stumpf's $21 million compensation for 2009 raises serious questions in an interview with CNBC.

Stumpf was also paid a stock bonus of $13 million, while changes in pension and other deferred compensation accounted for $2.58 million.

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