Wells Fargo CEO Scharf’s pay drops nearly 12% in 2020 By Reuters

© Reuters. Wells Fargo CEO Charlie Scharf testifies before a House Financial Services Committee on Capitol Hill in Washington, U.S.

(Reuters) – Wells Fargo (NYSE:) & Co Chief Executive Officer Charles Scharf’s annual pay fell by about $3 million, or 11.7%, in 2020, a regulatory filing showed on Friday.

Scharf will receive $20.3 million for his work during the year, compared with $23 million in 2019, the bank said. https://

Wells Fargo’s board cited the drop in the bank’s financial results for 2020 as one of the reasons for Scharf’s lower compensation.

The board noted that the results were significantly impacted by the effects of the COVID-19 pandemic on the economy and market conditions.

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