Wells Fargo CEO Stumpf's Compensation In 2011 Valued At $19.8 Million

NEW YORK (Dow Jones) -- Wells Fargo & Co. (WFC), the nation's fourth largest bank by assets, disclosed Thursday that its Chairman and Chief Executive John Stumpf received compensation valued at $19.8 million last year.

Stumpf received $17.9 million for 2011, mainly in salary, bonuses and stock awards, up 1.7% from 2010. However, including the increase in the value of his pension, his total pay rose 4.6%, Wells Fargo said in its proxy filing with the Securities and Exchange Commission.

The San Francisco bank made it through the financial crisis strong, and was among the first big banks to start growing loans once the mortgage meltdown abated. Wells Fargo's 2011 profit rose more than 28% from a year earlier to $15.9 billion.

The board of directors believes Stumpf's "leadership has been a vital ingredient to the Company's 2011 success in achieving strategic priorities," including the completion of the integration of Wachovia Corp., the Charlotte, N.C., bank Wells Fargo bought during the crisis. "His leadership has enabled the Company to successfully navigate the financial crisis ... without compromising our risk management principles."

On Tuesday, Wells Fargo received approval from the Federal Reserve to increase its quarterly dividend by 10 cents, to 22 cents per share. It also received approval to continue to buy back shares, the bank said following the Fed's stress test of the largest 19 banks.

Chief Financial Officer Timothy Sloan, who took over from Howard Atkins last year, receive total compensation valued at $8.3 million. "The Board's confidence in Mr. Sloan was rewarded by his outstanding leadership following his promotion to the CFO position in February 2011," the proxy said.

-By Matthias Rieker, Dow Jones Newswires; 212-416-2471; matthias.rieker@dowjones.com

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