BANKING & FINANCE - March 14, 1995

Former Wells Fargo & Co. Executive’s Pay Rises 25% in 1994: The San Francisco-based banking firm said it paid now-retired Chairman and Chief Executive Carl Reichardt, 63, a total of $2.78 million for the year. Reichardt’s pay rose mostly because his bonus rose 22% as the company’s stock and earnings rose, Wells Fargo said in a proxy filing with the Securities and Exchange Commission. Reichardt earned a $1.65-million bonus in 1994, up from $1.35 million for ‘93; his pay for 1993 was $2.22 million, plus 50,000 stock options. For 1994, Wells Fargo’s profits were $841 million, or $14.78 a share, up from $612 million, or $10.10 a share, for 1993. Reichardt’s base salary rose 8.1% to $837,500 last year. It was the first increase since 1991, when his salary was raised to $775,000, the filing said.