Wells Fargo Say-On-Pay Support Slumps to 65.5% as $3B Team Joins Robinhood
WFC•Wells Fargo’s say-on-pay resolution secured just 65.5% shareholder approval this year, down from 93% last year, reflecting pushback on CEO Charlie Scharf’s $60 million one-time equity award. Robinhood’s TradePMR platform recruited a Wells Fargo advisory team with $3 billion in client assets, signalling competitive pressure on bank custody.
1. Say-On-Pay Approval Decline at Wells Fargo
Wells Fargo’s nonbinding advisory vote on executive pay received 65.5% support at its 2026 annual meeting, a steep drop from 93% the prior year. Shareholders cited concerns over CEO Charlie Scharf’s $60 million one-time equity award upon assuming the board chair role and a proxy advisory firm’s 'no' recommendation.
2. Robinhood TradePMR Captures $3B Team
Robinhood’s TradePMR custody platform has onboarded a Wells Fargo advisory team managing about $3 billion in client assets. The recruitment highlights growing competition in wealth custody services and poses potential headwinds for Wells Fargo’s assets under custody and related fee income.
