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The compensation consists of a base salary of $2.5 million and a total variable compensation of $26.5 million, which includes $6.6 million in cash and $19.9 million in long-term equity, the bank said in a regulatory filing. The bank's board expressed strong confidence in Scharf's leadership in "driving the continued transformation of Wells Fargo". Scharf's compensation for 2022 stood at $24.5 million.