If you had John Stumpf in the office "highest-paid U.S. bank CEO for 2012" pool, congratulations.
Wells Fargo & Co. awarded Chief Executive John Stumpf $22.9 million in compensation for 2012, making him the highest-paid chief of a major U.S. commercial bank.
The amount reflects the San Francisco-based lender's success in profiting from the U.S. home-loans business when many of its largest competitors, such as Bank of America Corp., pulled back in the wake of the housing bust.
Mr. Stumpf's base pay was $2.8 million, with a bonus that included shares valued at $13.5 million, most tied to the company's performance. He also received a $3 million cash bonus. Gains in his pension were valued at $3.5 million. Mr. Stumpf received $19.8 million of compensation in 2011.
Now, it's a good time to be Mr. Stumpf, for sure. But it is an even better time to be David Rubenstein, Bill Conway or Dan D'Aniello. The Carlyle Group founders paid themselves $57 million and change each in dividends during the private equity firm's first eight months as a public company, on top of the roughly $300 million in returns and distributions they enjoyed.
Given the above, it seems the cabal atop Carlyle felt they could afford some modesty in terms of salary.
The trio's 2012 compensation, meanwhile, was reduced as the men gave up bonuses paid in earlier years and each took home salaries of $275,000 and collected 401(k) contributions of $6,250 apiece. In 2011, David Rubenstein, William Conway Jr. and Daniel A. D'Aniello each received compensation valued at about $3.8 million, according to the filing.