“By MARSHALL ECKBLAD NEW YORK—Wells Fargo & Co.'s top five executives each received compensation worth more than $11 million in 2009, while Chief Executive John Stumpf received a package valued at $21.3 million, the San Francisco bank disclosed Wednesday in a regulatory filing. Compensation for each of the executives more than doubled, and in some cases more than tripled, as compared to compensation for 2008—the year Wells Fargo, now the fourth-largest U.S. bank by assets, accepted public funds from the U.S. Treasury and purchased its larger crumbling rival Wachovia Corp. as the financial crisis raged. Mr. Stumpf received $5.6 million in salary and $13.1 million in stock-based awards, and Mr. Stumpf's pension also rose in value by $2.6 million. Mr. Stumpf received compensation in 2008 worth $8.8 million. Wells Fargo freed itself from some government restrictions on banker pay in December when the bank repaid the $25 billion it accepted in 2008 from the U.S. Treasury's Troubled Asset Relief Program, or TARP. David Carroll, the head of Wells Fargo's brokerage unit, received total compensation worth $14.3 million, of which $10.9 million was incentive awards. Mr. Carroll wasn't an executive officer at the bank in 2008, which means Wells Fargo isn't required to disclose Mr. Carroll's 2008 compensation. David Hoyt, the bank's head of wholesale banking, received compensation in 2009 worth $13.5 million after receiving a package in 2008 worth $4.8 million. Mark Oman, the head of Wells Fargo's consumer business, received compensation valued at $13.5 million. Mr. Oman's 2008 package was valued at $3.6 million. Howard Atkins, chief financial officer, received compensation in 2009 valued at $11.6 million after accepting a package in 2008 valued at $4.9 million. Wells Fargo more than doubled in size when it purchased Charlotte-based Wachovia after the longtime titan in consumer banking crumbled under losses from loans—especially mortgages tied to properties in California and Florida. Write to Marshall Eckblad at marshall.eckblad@dowjones.com Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com More In Business ”
