Wells Fargo pays CEO $18 million

March 16, 2012, 1:09 AM UTC
Fortune

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.