Wells Fargo shareholders on Tuesday approved its plans for executive compensation with a majority vote, including hiking CEO Charlie Scharf's 2023 package to $29 million. Scharf told investors at the bank's annual meeting that it is investing in risk and control infrastructure, which became top priorities after a 2016 scandal in which employees had opened millions of fraudulent accounts, often to meet sales goals. "Our control environment has become increasingly stronger to numerous internal metrics and shows that the work is clearly improving in our control environment but we will not be satisfied until all of our work is complete," Scharf said.
The big bank hasn't exactly been a terrible investment, but it has lagged behind its peers.
Wells Fargo and Hertz Global have been highlighted as Zacks Bull and Bear of the Day.