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Wells Fargo CEO's 2012 Pay Valued at $22.9 Million

Wells Fargo & Co. (WFC) awarded Chief Executive John Stumpf $22.9 million in salary and bonus for 2012, making him the highest-paid chief of a major U.S. commercial bank.The sum reflects the San Francisco lender's success in profiting from the U.S. home-loans business at a time when many of its largest competitors, like Bank of America Corp. (BAC), 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.Wells Fargo recorded a profit of $18.9 billion for 2012, a 19% increase from the year-earlier period. Revenue was up 6% last year, due primarily to a 49% rise in mortgage-banking income, which was $11.6 billion.The bank has also been the beneficiary of a financial stock rally, with shares up more than 24% in 2012....

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  1. Leucadia to buy Jefferies, valuing it at $3.6 billion

    Investment company Leucadia National Corp said it will buy Jefferies Group Inc in a deal that values the investment bank at $3.6 billion.Leucadia, which has been cal...

  2. Leucadia Buying Jefferies, Handler To Be CEO

    Leucadia National Corp. and Jefferies Group Inc. said on Monday that they have agreed to merge. Leucadia, which already owns 28.6% of Jefferies, will acquire the res...

  3. Leucadia to Buy Jefferies

    Investment company Leucadia National Corp said it will buy Jefferies Group Inc in a deal that values the investment bank at $3.6 billion.Leucadia, which has been cal...

  4. At independent LME swansong, rings eye China future

    The London Metal Exchange may be hosting the last LME Week as an independent concern but, like the tuxedos being dusted off for the annual beanfeast, other tradition...

  5. Jefferies' Journey Through Crisis Helped in Knight Rescue

    Jefferies Group Inc.'s (JEF) top executives played a lead role in saving Knight Capital Group Inc. (KCG) as it faced demise over the past five days, including extend...

  6. Jefferies Provided Funding to Knight Capital on Friday -Sources

    Jefferies Group Inc.'s (JEF) top executives, Chief Executive Richard Handler and Executive-Committee Chairman Brian Friedman, played a lead role in arranging a plan ...

  7. Jefferies 4Q Net Sinks 21%, Meets Expectations

    Jefferies (NYSE:JEF) disclosed an in-line 21% slide in second-quarter profits on Tuesday due to slumping investment-banking revenue, but shares of the financial-serv...

  8. Jefferies 1Q Net Down 12% On Higher Expenses; Bond Trading Rebounds

    Jefferies Group Inc.'s (JEF) fiscal first-quarter profit fell 12% amid higher expenses, but the investment bank's results easily beat analysts' estimates, reflecting...

  9. Jefferies 1Q Results Beat the Street, Shares Rise

    Jefferies (NYSE:JEF) suffered a 12% drop-off in first-quarter profits due to higher costs, but the midsize investment bank’s earnings and revenue surpassed Wall Stre...

  10. Jefferies Beats the Street in 4Q, Bolsters Balance Sheet

    Embattled midsize investment bank Jefferies (NYSE:JEF) revealed on Tuesday a narrower-than-expected 23% drop-off in fiscal fourth-quarter profits as well as a strong...

  11. Jefferies Starts Cutting Workers Amid Stock Drop

    Jefferies & Co. (NYSE:JEF) is slashing its workforce amid a sharp drop in its share price as investors question whether it can remain an independent investment bank ...

  12. Jefferies Mulls its Next Move

    FBN's Charlie Gasparino reports on Jefferies CEO Richard Handler weighing his options on whether the firm can remain independent.

  1. Jefferies Boosts Disclosures to Avoid Motion to Block Leucadia-Deal Vote

    Plaintiffs who sued Jefferies Group Inc. (JEF) over its planned sale to Leucadia National Corp. (LUK) agreed not to file a motion that could have forced Jefferies to...

  2. BofA CEO Moynihan Receives $11.1 Million Bonus for 2012

    Bank of America Corp. (BAC) chief executive Brian Moynihan received $11.1 million in bonus pay for 2012, marking a raise of more than 70% for the bank chief after a ...

  3. Jefferies results beat estimates on higher fixed-income revenue

    Jefferies Group Inc reported a higher-than-expected adjusted quarterly profit as the investment bank benefited from higher earnings from its fixed-income unit, and s...

  4. New Challenges for Jefferies's Handler

    Jefferies Group Inc. (JEF) Chairman and Chief Executive Richard Handler, who steered his company through a crisis of investor confidence in late 2011, will face new ...

  5. Leucadia to buy Jefferies in $2.8 billion deal

    Jefferies Group Inc is selling itself to Leucadia National Corp , its biggest shareholder, in a deal aimed at reassuring investors it has access to long-term funding...

  6. Leucadia to buy Jefferies in $2.8 billion deal

    Jefferies Group Inc is selling itself to Leucadia National Corp , its biggest shareholder, in a deal aimed at reassuring investors it has access to long-term funding...

  7. "Baby Berkshire" Leucadia matures with Jefferies deal

    Lots of companies try to turn themselves into mini-Berkshire Hathaway -style conglomerates, but Leucadia National Corp has had more success than most at pulling it o...

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