Year 2: Charlie Scharf just got a $2.2 million raise, how much is yours?!

CEO Scharf gets huge $2.2 million raise, Now he makes $31.2 million...Is the system rigged?!

Wells Fargo's Board of Directors just awarded Charlie Scharf a massive $2.2 million raise, bumping his already skyhigh compensation package up to $31.2 million for 2024. His package breaks down like this: a base salary of $2.5 million, plus a cash bonus of $7.2 million, and $21.5 million in stock that vests over time

Meanwhile, Wells Fargo recently announced a $1100 "special cash bonus" for certain employees making less than $75,000. First, Scharf's cash bonus is $7.2 million; yours is $1,100. BUT there's a catch, YOU only qualify IF you meet risk overlay of "Meet Expectations" or better. And we’re hearing from many, many workers that for the first time in their careers, they are receiving an “Inconsistently Meets" or "Needs Improvement” and won’t qualify. Hmmm. The system seems rigged. This kinda feels like Lucy asking Charlie Brown to kick the football, and then pulls it away at the last second.

Still not sure if the system is rigged? Debbie Warren who is an Account Resolution Specialist for Credit Card Collections located in Hillsboro, Oregon, was "coached" by her supervisor and told, "if you want a larger raise, you need to concentrate more on beating your coworkers, not your metrics." That's right. Your manager is only given a set amount of money for their entire team, so if everyone is performing well and you all meet or beat your metrics, your raise will be LOWER than if you just make sure you outperform everyone else on your team. Starting to feel like you're in the Hunger Games?

How much is your raise? What has your manager told you? And do you qualify for this new "special cash bonus"? Something is wrong here and the system feels rigged. 

We want to hear from you! Respond to our survey about the rigged special cash bonus and annual raises. 

Take our survey! Is WF's Cash Bonus Rigged? 

Compare your salary to CEO Charlie Scharf

How many years will it take you to earn what Charlie Scharf makes in 1 year? Now that Charlie Scharf has gotten his big raise, we have to update our CEO pay calculator. Last year he made $14,000 per hour, with his raise, now he makes $15,000 per HOUR. That's right. In ONE DAY, Charlie Scharf makes more in 1 day ($15,000 X 8 hr = $120,000) than most Wells Fargo employees make in an entire YEAR!

CEO Pay Comparison

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Do your own due diligence about unions. Sign up for a Union 101 Class right now!

Want to learn about your right to form a union and gain some new skills? Sign up for one of our upcoming Union 101 Classes. Charlie Scharf got his raise. The only way we will get a fair raise is if we keep joining together!

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Wells Fargo in the News

"The CEO's compensation increasted to $31.2 million for 2024, marking a 7.6% rise from the $29 million he earned in 2023." Financial Express, January 31, 2025

"Wells Fargo raised Charlie Scharf's pay to $31.2M in 2024" Banking Dive. Gabrielle Saulsery, January 31, 202

"Wells Fargo's regulatory burden eases further as CFPB terminates 2022 punishment." Reuters. Minya Saini, Nishant, Anand. January 28, 2025.

Question of the Week:

Question: Is your manager telling you that you can't even talk to each other about a union?

Answer: That's obviously illegal. You're manager should have nothing to do with your decision regarding whether you want to form a union with your coworkers. It is also illegal for Wells Fargo to fire, surveil, discriminate, retaliate, intimidate, or harass employees for organizing a union because your rights are protected under the National Labor Relations Act. When companies violate workers’ rights, we can file Unfair Labor Practice (ULP) charges with the National Labor Relations Board to protect and enforce your labor rights. In fact, we have filed 20 Unfair Labor Practice (ULP) charges against Wells Fargo over the last year. The NLRB has been investigating all of these alleged violations and just completed its first investigation. The NLRB has determined that Wells Fargo violated workers’ rights at the Atwater, Calif., branch (located at 243 East Bellevue Road, Suite A4) and is seeking a remedy to get their rights and union recognized. More details coming soon. Be sure to check out next week's WFWU Campaign Update!

We will bring you the Top #WFunion updates each week. If you have additional questions or ideas for future newsletter stories, please email us at [email protected]. 

Are you ready to stand with us and make positive change at Wells Fargo?  Email us at [email protected] today!