Wells Fargo & Co. Chief Executive John Stumpf received compensation for 2008 valued at 21% less than the previous year's, according to an analysis of a proxy statement filed Tuesday.
Stumpf received $9 million in total compensation in 2008, a year in which the broader banking sector was hammered by the ongoing credit crisis and growing recession. He received $11.4 million in 2007. Both figures were calculated by the Associated Press.
Stumpf's base salary increased 17% in 2008 to $878,920.
His compensation also included stock options and restricted stock valued at $7.9 million on the day they were awarded.
His pay package declined in 2008 because he received no non-equity incentive plan compensation in 2008, compared with the $4.2 million he received in 2007.
Other pay, including such items as company contributions to retirement accounts and relocation expenses, declined 45% to $242,167 during the year. Smaller contributions to Stumpf's retirement account accounted for the bulk of the decline among other pay.
Stumpf's compensation cut comes as stagnant credit markets and a worsening recession continue to wreak havoc on the financial sector. Wells Fargo has been seen as one of the stronger national banks amid the downturn, but it is not immune to some of the problems the sector is facing.
Wells Fargo stock fell just 2% during 2008, but has plummeted 66% since the beginning of the year. Earnings in 2008 fell to $2.84 billion, or 74 cents a share, from $8.06 billion, or $2.38, in 2007.
On Tuesday, shares of San Francisco-based Wells gained $1.84 to close at $11.81.