The compensation package, up 7.6% from the $29 million he earned in 2023, comprised a base salary of $2.5 million and $28.7 million in incentives, according to a filing.
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"In reaching this decision, the board noted Mr. Scharf's strong leadership in making significant progress in strengthening the company's risk and control infrastructure, which remains the company's number-one priority," the board said in the filing.
Shares in the bank rose more than 40% last year, outperforming the KBW Bank Index. Under Scharf, the lender has sought to move beyond a series of scandals that resulted in the costly asset cap limiting the firm to its size at the end of 2017. Last year, the bank entered a new phase of the effort when it submitted a third-party review of its overhauls to the central bank.
Scharf, who took the reins in 2019, has been steering the bank by reducing costs and expanding in key growth areas including investment banking. The Wall Street strategy helped fuel a 15% increase in non-interest income for the full year of 2024.
Earlier this month, JPMorgan Chase said
