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Wells Fargo leaves CEO Stumpf's 2013 pay unchanged

Wells Fargo Chief Executive Officer John Stumpf speaks to employees while celebrating the completion the company's conversion from Wachovia
Wells Fargo Chief Executive Officer John Stumpf speaks to employees while celebrating the completion the company's conversion from Wachovia

(Reuters) - Wells Fargo & Co Chief Executive Officer John Stumpf earned $19.3 million in 2013, identical to what he took home a year earlier, according to a filing with the U.S. Securities and Exchange Commission on Tuesday.

David Hoyt, Wells Fargo's head of wholesale banking, was the second-highest paid executive behind Stumpf. Hoyt was awarded $11.04 million in compensation, up about 4 percent from the $10.65 million he earned in 2012.

Other executives also received small raises. David Carroll and Avid Modjtabai, the respective heads of Wells Fargo's wealth, brokerage and retirement division and its consumer lending division, each were given $8.8 million pay packages in 2013, 5 percent higher than a year earlier.

Finance chief Tim Sloan took home $8.8 million, and retail banking head Carrie Tolstedt received $8.7 million, roughly the same as their 2012 compensation packages.

Wells Fargo recorded an annual profit of $21.9 billion in 2013, a 16 percent increase from 2012's profit of $18.9 billion.

As in 2013, shareholders brought forward proposals to require the chairman of Wells Fargo's board of directors to be independent and for the bank to commission an independent review of its mortgage-servicing and foreclosure practices.

Both matters will be brought to a vote at the bank's annual shareholder meeting on April 29 in San Antonio, Texas. Similar proposals were voted down at the 2013 meeting.

(Reporting by Peter Rudegeair; Editing by Matthew Lewis and Jan Paschal)

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