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Wells Fargo pays CEO $18 million

March 15, 2012: 5:09 PM ET

Who says there isn't money to be made in traditional banking?

FORTUNE -- Wells Fargo (WFC) said in a filing on Thursday that it paid its CEO John Stumpf nearly $17.9 million in 2011. That was up $800,000 from the year before, and it was more than Citigroup (C) paid its CEO Vikram Pandit, who got $14.9 million in 2011. The other banks have yet to officially announce their executive compensation. But it has been reported that Bank of America (BAC) significantly cut the pay of its CEO Brian Moynihan to just under $7 million.

Among the nation's largest financial firms, Wells has the smallest investment bank. That benefited Wells last year, as most of the large banks saw their investment banking earnings drop in 2011. Overall, Wells' earnings rose nearly 30% to $15.9 billion last year.

Still, Stumpf isn't likely to repeat 2009, when he was the highest paid CEO in the banking business. That title is likely to go to JPMorgan (JPM) CEO Jamie Dimon, who made $23 million in 2010.

Of Stumpf's pay, a little over $5 million was paid in cash, though not all of it will be granted to the CEO immediately. The rest of his pay came in restricted stock units, most of which will vest in the first quarter of 2014. On top of his pay, Stumpf will get an additional $2 million in pension benefits and long-term compensation.

The filing also listed Warren Buffett as Wells Fargo's largest shareholder. Buffett owns 7.7% of Wells, up from 7% a year ago. Money management firm Blackrock held the second largest stake in the company with 5.1% of Wells' shares.

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About This Author
Stephen Gandel
Stephen Gandel

Stephen Gandel has covered Wall Street and investing for over 15 years. He joins Fortune from sister publication TIME, where he was a senior business writer and lead blogger for The Curious Capitalist. He has also held positions at Money and Crain's New York Business. Stephen is a four-time winner of the Henry R. Luce Award. His work has also been recognized by the National Association of Real Estate Editors, the New York State Society of CPA and the Association of Area Business Publications. He is a graduate of Washington University, and lives in Brooklyn with his wife and two children.

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