https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/wells-fargo-s-scharf-unseats-jamie-dimon-as-highest-paid-us-bank-ceo-in-2019-59801398
This is what it's all about folks - pissing contest between rich dudes. I'm a capitalist and don't really care how much money CEOs make, but in this instance, it's a pure money grab with a complete disregard for 250k employees.
Also, in the case of New York City, simple man better sleep with a Glock under the pillow as well no thanks to De Blasio.
he hasnt earned it yet to be honest. I am very surprised by this. He's a smug dude but I think he will make the strategic decisions to get the company back to the proper efficiency. Not sure he will do it the "right" way. His buddy system and lack of diversity despite all the cheap talk concerns me too
The second WF starts buybacks again, his compensation will get even bigger and without having to lift a finger.
No one wanted the job, because Wells is a wreck, but the pay this guy is getting is obscene.
And executive compensation has nothing to do with Capitalism, companies have compensation teams, often outsourced, that set the pay.
And it's rigged.
America has been allowing rich people to buy their dumb kids way into good schools for decades, and now we're seeing the results, poorly run companies.
No one wanted the job, because Wells is a wreck, but the pay this guy is getting is obscene.
Guess it shows how much the bank had to overpay to fill the role...
@jbj here. I meant for that last word to be appalling, not appealing. See below.
We can thank Betsy Duke and our Board for that one. Same Becky Duke who ran our board for just 2 years and then stepped down right before having to testify before lawmakers. And let’s not forget Charlie Scharf turned down the job initially. So we had to pay up dramatically because literally no one else wanted the job.
If we laid out all the events of the past 4 years chronologically- the scandals, the lawsuits, the billions of $ in fines, the criminal and civil investigation, and the “resignations” - it would be laughable if it wasn’t so appealing.
Wow, the cash compensation is even higher than J. P. Morgan - but yet, the expense ratio is such a problem...
Then proceeded to give us the worst quarter in the banks history. He will probably be compensated even more this year.
Wow with WF having to reduce costs amazing that Chucky is getting so much. BAC CEO makes peanuts in comparison. I wonder how much Charlies’s angels make? I wonder how successful his turnaround plan will be, didn’t fair to well at BNY. New York is expensive even for a simple man living in an apartment.