Company: WFC-PC
Filing Date: 2025-01-30
Form Type: 8-K
Source: 0000072971-25-000045
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Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-01-30
Form: 8-K
Item: Item 8.01
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Item 8.01. Other Events.

Wells Fargo & Company (the “ Company”) announced that the independent members of the Board of Directors (the “ Board”) approved CEO and President Charles W. Scharf’s total compensation of $31.2 million for performance year2024.

In reaching this decision, the Board noted Mr. Scharf’s strong leadership in:

• Making significant progress in strengthening the Company’s risk and control infrastructure, which remains the Company’s number-one priority

• Driving strong financial performance, including continuing to improve the Company’s earnings capacity through increased fee revenue, a focus on efficiency, and increased capital return to shareholders

•Delivering Company reported diluted earnings per share of $5.37, an 11% increase from 2023

• Returning approximately $25 billion of capital to shareholders, including increasing its quarterly common stock dividend per share by 15%

•Investing in our businesses to drive growth and returns for 2024 and beyond. Examples include:

◦Introducing five new credit cards to serve our customers’ needs

◦ Continuing to reduce the size and complexity of our Home Lending business

◦Generating growth and increased customer engagement in Consumer, Small and Business Banking

◦Growing the bank’s Premier offering for affluent clients

◦ Continuing to make investments in Corporate and Investment Banking (CIB), which has resulted in growing both market share and fee-based revenue

◦Driving greater connectivity between Commercial Banking and CIB, to better serve existing Commercial Banking clients

◦Investing in digital platforms across the Company’s consumer and wholesale businesses

• Continuing to build and develop a strong senior leadership team

• Continuing to invest in the communities we serve

TheHuman Resources Committee of the Board (the “ HRC”) evaluated and determined compensation for Mr. Scharf based on the structure of our executive compensation program. This structure, which remains unchanged from 2022, includes an assessment of Company and individual performance on both financial and non-financial criteria. Based on its evaluation of Company and Mr. Scharf’s individual performance, the HRC recommended to the Board, and the Board approved, total compensation of $31.2 million for performance year 2024.