This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ0Q00X_L.jpg
Scharf’s compensation consisted of $2.5 million in base salary, $5.4 million in cash incentive, $10.8 million long-term performance share award and $5.8 million in restricted share rights, the filing showed.
The fourth-largest U.S. lender posted a 50% decline in its fourth-quarter profit, as it racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown.
Wall Street’s biggest banks saw profits dwindle in 2022 as they stockpiled more rainy-day funds and struggled to contain costs after aggressive interest rate hikes softened demand for mortgages and car loans while raising deposit costs.
Walls Fargo peer JPMorgan Chase & Co (NYSE:JPM) last week said it paid its chief executive, Jamie Dimon, $34.5 million for 2022.
