Wells Fargo brought on more "team members," as it refers to employees, last year and paid them in step.
The bank increased headcount by 4,900 workers in 2010, bringing payroll to 272,200 from 267,300, an increase of 1.8%. The firm set aside $22.5 billion in compensation for the year, up from $21.7 billion last year, a 4% increase. Employees on average took home $82,883, compared to $81,474 last year, a modest 1.7% bump.
The bank met analysts' expectations in the fourth quarter. It reported a profit of $3.4 billion, or 61 cents a share, up from $2.8 billion, or 8 cents a share, a year prior. Revenue fell slightly in the quarter to $21.5 billion from $22.7 billion in Q4 2009, owing to new federal regulations that restrict overdraft fees on checking accounts.
Write to Julie Steinberg
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