What is Wells Fargo CEO Salary: A Deep Dive into Executive Compensation

What is Wells Fargo CEO Salary: A Deep Dive into Executive Compensation

It's natural to be curious about how much the person at the helm of a massive institution like Wells Fargo earns. For many, understanding the Wells Fargo CEO salary is a window into the broader landscape of corporate executive pay, especially within the financial sector. I recall a time when news of soaring executive bonuses would spark conversations around the dinner table, often accompanied by a healthy dose of bewilderment. This isn't just about numbers; it's about perceived fairness, the alignment of executive interests with those of shareholders and customers, and the immense responsibilities that come with leading a company that touches millions of lives and plays a significant role in the global economy. So, let's get straight to it: What is the Wells Fargo CEO salary?

The Wells Fargo CEO salary is not a single, static figure but rather a comprehensive compensation package that typically includes base salary, stock awards, option awards, and other incentives. For the most recent reporting periods, the total compensation for the Wells Fargo CEO has been in the tens of millions of dollars. For instance, in recent years, the total compensation has often exceeded $15 million, with a significant portion of that derived from performance-based stock awards tied to the company's financial results and strategic objectives.

Understanding the Components of Executive Compensation

To truly grasp what the Wells Fargo CEO salary entails, we need to break down its constituent parts. It’s far more than just a paycheck. Corporate compensation for top executives is meticulously structured to incentivize performance and align the leader's financial interests with those of the company and its shareholders. Let's explore these components:

Base Salary: This is the fixed amount of cash an executive receives. While it's a core part of the compensation, it often represents the smallest percentage of the total package for a CEO of a company the size of Wells Fargo. Stock Awards: These are grants of company stock that vest over a period of time, typically several years. They encourage long-term commitment and reward the executive for increasing shareholder value. The value of these awards fluctuates with the company's stock price. Option Awards: These give the executive the right to buy a certain number of company shares at a predetermined price (the strike price) within a specified timeframe. If the stock price rises above the strike price, the executive can exercise the options for a profit. Like stock awards, they are designed to incentivize stock price appreciation. Annual Incentive Awards: This is a cash bonus, usually paid out based on the achievement of specific performance targets set by the board of directors. These targets can include financial metrics like earnings per share (EPS), return on equity (ROE), efficiency ratios, and strategic goals such as customer satisfaction or risk management improvements. Long-Term Incentive Awards (LTIPs): These are often performance-conditioned stock awards or units that vest and are paid out only if specific, long-term performance goals are met over a multi-year period (e.g., three to five years). These are a critical component for ensuring a long-term focus. Other Compensation: This can include perks like retirement plan contributions, deferred compensation, club memberships, executive life insurance, and sometimes the personal use of company aircraft. While these may seem minor compared to stock awards, they add to the overall value.

The composition of the Wells Fargo CEO salary, particularly the heavy weighting towards equity-based compensation (stock and option awards), is a deliberate strategy. It means that a significant portion of the CEO's personal wealth is tied directly to the company's stock performance. When Wells Fargo thrives, the CEO's compensation potential grows; when it struggles, their earnings can be substantially curtailed. This is often seen as a positive alignment mechanism, ensuring the CEO is motivated to act in the best interests of long-term shareholder value creation.

The Current Wells Fargo CEO and Their Compensation

As of my last update, the Chief Executive Officer of Wells Fargo is Charles W. Scharf. His tenure began in September 2019. Understanding his compensation provides a concrete example of the compensation structure at play. The specifics of executive compensation are publicly disclosed in the company's annual proxy statements (Form DEF 14A) filed with the Securities and Exchange Commission (SEC). These documents are a treasure trove of information for anyone interested in executive pay.

For fiscal year 2026, Charles W. Scharf's total reported compensation was approximately $25 million. This figure is a testament to the compensation philosophy for top executives at major financial institutions. Let's break down this figure from his most recent proxy statement to illustrate the typical distribution:

Compensation Component Approximate Value (2026) Base Salary $1,500,000 Stock Awards $15,684,579 Option Awards $3,800,000 Non-Equity Incentive Plan Compensation $3,250,000 Change in Pension Value and Nonqualified Deferred Compensation Earnings $91,934 All Other Compensation $328,102 Total Compensation $24,954,615

Looking at these numbers, it's clear that base salary, while substantial, is only a small fraction of Mr. Scharf's overall compensation. The vast majority comes from performance-based equity awards and annual incentives. This structure is common practice for CEOs in the S&P 100 companies, reflecting a desire to tie executive pay closely to company performance and long-term shareholder returns.

The Role of the Board of Directors and Compensation Committees

The setting of the Wells Fargo CEO salary isn't an arbitrary decision. It's a structured process overseen by the company's Board of Directors, specifically its Compensation Committee. This committee is typically composed of independent directors who are not employees of the company. Their responsibilities are critical:

Setting Performance Metrics: The committee works with external compensation consultants and the full board to establish the performance goals that will trigger incentive payouts. These metrics must be challenging yet achievable and demonstrably linked to the company's strategic plan and shareholder value. Benchmarking: The committee regularly benchmarks executive compensation against that of peer companies – other large financial institutions of similar size and complexity. This ensures that Wells Fargo's pay is competitive enough to attract and retain top talent, but also reasonable. Reviewing Performance: At the end of each performance period, the committee rigorously reviews the company's performance against the established metrics to determine the appropriate payout for the CEO and other senior executives. Making Recommendations: Ultimately, the Compensation Committee makes recommendations to the full Board of Directors regarding executive compensation packages. The Board then approves these packages.

The process is designed to be objective and data-driven, although the subjective element of leadership quality and strategic vision also plays a role. The board aims to balance the need to motivate and reward the CEO with the expectations of shareholders and the public regarding responsible executive pay.

Factors Influencing Wells Fargo CEO Compensation

Several key factors can influence the Wells Fargo CEO salary from year to year. It's not a fixed sum, and it can fluctuate based on a multitude of internal and external conditions. Understanding these drivers is crucial for a complete picture:

Company Performance: This is arguably the most significant driver. Key financial metrics such as net income, earnings per share (EPS), return on equity (ROE), and revenue growth are closely scrutinized. If the company hits or exceeds its financial targets, incentive and stock awards will likely be higher. Conversely, poor performance will lead to lower payouts. Stock Price Performance: Given the substantial weighting of stock and option awards, the company's stock price is a direct determinant of the value of a large portion of the CEO's compensation. A rising stock price increases the value of vested and unvested equity awards. Strategic Achievements: Beyond pure financials, the board also considers the successful execution of long-term strategic initiatives. This could include successful integration of acquisitions, significant technological advancements, improvements in customer satisfaction scores, or effective navigation of complex regulatory environments. Industry Trends and Economic Conditions: The broader economic climate and the health of the financial services industry at large can indirectly impact executive compensation. In times of economic downturn or industry-wide challenges, compensation might be moderated across the board. Regulatory Environment: Wells Fargo, in particular, has faced significant regulatory scrutiny and challenges in recent years. The board will undoubtedly factor in the CEO's effectiveness in addressing these issues, improving compliance, and restoring the company's reputation when determining compensation. Success in these areas, while difficult to quantify directly in financial terms, can be a significant consideration. Peer Group Compensation: As mentioned, the Compensation Committee benchmarks against similar companies. If Wells Fargo's compensation falls significantly below its peers, it might be adjusted upward to remain competitive. Shareholder Say-on-Pay Votes: Publicly traded companies are required to hold "say-on-pay" votes, where shareholders advisoryly vote on executive compensation. A significant negative vote can put pressure on the board to re-evaluate its compensation philosophy and practices.

The interconnectedness of these factors means that executive compensation is a dynamic reflection of the company's overall health, strategic direction, and market position. It's a complex dance of financial performance, leadership effectiveness, and external pressures.

Is the Wells Fargo CEO Salary Justified? A Stakeholder Perspective

The question of whether a CEO's compensation, including the Wells Fargo CEO salary, is "justified" is one that sparks considerable debate. There are rarely simple answers, as different stakeholders will view the issue through their own lenses. Let's explore some of these perspectives:

Shareholder Perspective

From a shareholder's viewpoint, the primary consideration is return on investment. Shareholders want to see their capital grow. They will generally view the CEO's compensation as justified if:

The company consistently meets or exceeds financial performance targets. The stock price appreciates over the long term, creating wealth for shareholders. The CEO's leadership demonstrably contributes to strategic success and risk management, thereby protecting and enhancing shareholder value. The compensation structure is directly tied to these outcomes, meaning the CEO only reaps significant rewards when shareholders do.

The prevalence of performance-based equity awards is designed to satisfy this perspective. When the CEO's personal financial success is intrinsically linked to the company's financial success for shareholders, the alignment is considered strong.

Employee Perspective

Employees often have a more critical view. They might compare their own wages and benefits to the CEO's compensation package. This comparison can lead to feelings of inequity, especially if the company is experiencing layoffs or stagnant wage growth for the rank-and-file. From an employee perspective, justification might hinge on:

Whether the CEO's leadership creates a stable and growing company that provides job security. Whether the CEO fosters a positive work environment and company culture. Whether the CEO's compensation is perceived as excessive and disconnected from the contributions of the broader workforce.

It's a delicate balance. High executive pay can sometimes signal a successful, thriving company, which can indirectly benefit employees through job security and potential for bonuses or raises. However, the vast disparity can also breed resentment.

Customer Perspective

For customers, especially in the banking sector, the perception of CEO compensation can be tied to the company's ethical conduct and service quality. Given Wells Fargo's history with certain scandals, the justification of high executive pay is particularly sensitive.

Customers might question high executive pay if they feel the company prioritizes profits over customer well-being or fair practices. Conversely, if the CEO successfully navigates the company through challenging ethical periods, improves customer service, and restores trust, a portion of their compensation might be seen as earned for leadership in difficult times.

The narrative surrounding executive pay is crucial. If the company is seen as "doing right" by its customers and stakeholders, the compensation might be more palatable. When there are perceived missteps, the compensation can feel egregious.

Societal Perspective

On a broader societal level, debates about executive compensation often revolve around income inequality and the perceived fairness of the economic system. High CEO pay, especially in industries that have faced public criticism, can fuel arguments about corporate responsibility and the distribution of wealth.

Is it fair that a CEO earns so much more than the average worker? Does this level of compensation contribute to broader economic imbalances? Is the executive truly creating commensurate value for society, or just for shareholders and themselves?

These are complex questions with no easy answers, and they often inform public opinion and regulatory discussions around executive pay.

My own take, based on observing these dynamics, is that while high compensation for top leaders is a reality of the modern corporate world and can be justified by exceptional performance and value creation, transparency and a clear link to tangible, positive outcomes for all stakeholders are paramount. When executive pay is seen as a reward for ethical leadership, strong financial stewardship, and positive societal impact (not just stock price manipulation), it tends to be more readily accepted.

The Impact of Regulatory Scrutiny on Wells Fargo's Executive Pay

Wells Fargo has been under intense regulatory scrutiny for several years, stemming from various scandals, most notably the fake accounts scandal. This environment significantly impacts how executive compensation is determined and perceived. Regulatory bodies like the Federal Reserve and the Office of the Comptroller of the Currency (OCC) have imposed strict limitations and oversight on the bank's operations, including its compensation practices.

For instance, regulators have the power to influence or even dictate changes to compensation structures to ensure they do not incentivize risky behavior or misconduct. This could involve:

Clawback Provisions: These provisions allow companies to reclaim bonuses or incentive pay already awarded to executives if misconduct or restatements of financial results occur. Caps on Incentive Pay: Regulators might impose limits on the proportion of compensation that can be performance-based, particularly if the incentives are deemed to have encouraged inappropriate behavior. Increased Oversight of Compensation Committees: The actions and independence of the Compensation Committee are under greater scrutiny from both regulators and shareholders. Linking Pay to Risk Management and Compliance: Compensation metrics are increasingly being adjusted to include non-financial performance indicators related to risk management, compliance, and ethical conduct.

The Wells Fargo CEO salary, therefore, is not set in a vacuum. It operates within a framework heavily influenced by the need to demonstrate to regulators, shareholders, and the public that the company has fundamentally changed its culture and practices. Mr. Scharf's compensation, like that of other senior executives, is likely structured with these considerations in mind, aiming to reward efforts in rebuilding trust, strengthening risk controls, and achieving operational stability.

How Wells Fargo CEO Compensation is Determined: A Step-by-Step Overview

For those seeking a clearer understanding of the mechanics, here's a simplified overview of how the Wells Fargo CEO salary and total compensation package are typically determined:

Establish Performance Goals: At the beginning of a performance cycle (usually annually for short-term incentives and over several years for long-term incentives), the Compensation Committee, with input from the full Board and potentially executive leadership, sets specific, measurable, achievable, relevant, and time-bound (SMART) goals. These cover financial metrics (e.g., EPS, ROE, revenue growth), strategic objectives (e.g., customer retention, digital transformation), and operational targets (e.g., risk management, compliance). Benchmarking Against Peers: The Compensation Committee engages compensation consultants to gather data on the pay practices of a defined peer group of similar-sized financial institutions. This helps establish a market range for CEO compensation. Assess Performance: At the end of the performance period, the Compensation Committee, supported by consultants, rigorously evaluates the company's performance against the pre-established goals. This involves detailed analysis of financial results, strategic progress, and any other relevant performance indicators. Determine Incentive Payouts: Based on the performance assessment, the committee determines the payout levels for incentive awards (annual cash bonuses and long-term incentive payouts). Payouts are often tiered, with higher performance yielding higher payouts, up to a pre-defined maximum. Calculate Equity Grant Values: For stock and option awards, the committee determines the grant date fair value of these awards, often using complex valuation models. The size of these grants is influenced by the company's performance, compensation philosophy, and peer group data. Review Base Salary: The base salary is reviewed periodically, typically annually, and adjustments are made based on market competitiveness, inflation, and the executive's tenure and responsibilities. Consider Other Compensation and Perquisites: Any other forms of compensation, such as retirement contributions or other benefits, are calculated and included. Formulate Total Compensation Package: All components are aggregated to arrive at the total compensation figure for the year. Board Approval: The Compensation Committee presents its recommendations for the CEO's compensation package to the full Board of Directors for discussion and final approval. Disclosure: The approved compensation details are then disclosed to the public in the company's annual proxy statement (Form DEF 14A).

This structured approach aims to ensure that executive pay is not only competitive but also directly linked to the company's success and accountability to its shareholders.

Frequently Asked Questions about Wells Fargo CEO Salary

How is the Wells Fargo CEO's salary determined by market forces?

The determination of the Wells Fargo CEO's salary and overall compensation is heavily influenced by market forces, primarily through a process known as "benchmarking." The Compensation Committee of Wells Fargo's Board of Directors, which is responsible for setting executive pay, regularly compares the company's executive compensation packages to those of a select group of peer companies. These peer companies are typically other large, complex financial institutions that operate in similar markets and face comparable business challenges.

This benchmarking process serves several critical purposes. Firstly, it ensures that Wells Fargo's compensation is competitive enough to attract and retain top-tier executive talent. In the highly competitive financial services industry, skilled and experienced CEOs are in demand, and a company must offer compensation that is attractive relative to alternatives. If Wells Fargo's pay were significantly lower than its peers, it would be at a disadvantage in recruiting or keeping a qualified CEO. Conversely, the committee also aims to avoid paying excessively above market rates, as this could be seen as a poor use of shareholder capital. The goal is to find a compensation level that is within the established market range, reflecting the responsibilities, performance, and strategic importance of the CEO role.

Furthermore, market forces also play a role in the structure of the compensation. The trend towards a larger proportion of compensation being tied to performance, particularly through equity awards like stock options and restricted stock units, is a market-driven phenomenon. This structure is widely adopted across major corporations because it aligns the interests of the CEO with those of shareholders. When the company performs well and its stock price increases, the CEO's equity awards become more valuable, directly rewarding them for driving shareholder returns. This is a reflection of what the broader market deems to be an effective and responsible way to compensate top executives in publicly traded companies.

Why is a significant portion of the Wells Fargo CEO's compensation in stock awards?

The substantial allocation of the Wells Fargo CEO's compensation to stock awards is a deliberate and strategic decision driven by several key objectives, primarily centered on aligning executive interests with shareholder value and encouraging long-term company performance. Here’s a breakdown of why this is the case:

Firstly, alignment of interests is paramount. When a significant portion of a CEO's personal wealth is directly tied to the company's stock performance, they have a powerful incentive to make decisions that will increase shareholder value over the long run. This means focusing on sustainable growth, profitability, effective risk management, and strategic initiatives that will enhance the company's market standing and stock price. It discourages short-term, potentially risky decisions that might boost immediate profits but harm the company's long-term prospects or reputation.

Secondly, long-term focus is crucial. Stock awards, especially those with multi-year vesting periods, encourage CEOs to think and act with a long-term perspective. A CEO who knows they will receive substantial rewards only after several years of demonstrated performance is more likely to invest in strategic projects, cultivate talent, and build a resilient organizational structure that will pay dividends far into the future. This contrasts with a compensation package heavily weighted towards annual cash bonuses, which might incentivize a focus solely on quarterly results.

Thirdly, risk mitigation and responsible behavior can be fostered. While stock awards are performance-based, their value is also sensitive to the company's overall health and reputation. A CEO is less likely to engage in or permit actions that could lead to significant financial penalties, regulatory fines, or reputational damage if their own wealth is on the line. The vesting schedules and performance conditions associated with these awards act as a continuous check on behavior.

Finally, attracting and retaining talent in a competitive market is a factor. Many top-tier CEOs expect a significant portion of their compensation to be in equity. Offering such a package allows Wells Fargo to compete for leading executive talent against other major corporations that employ similar compensation strategies.

In essence, equity compensation transforms the CEO from an employee paid a salary to a part-owner with a vested interest in the company's enduring success. This structure, while potentially leading to very high compensation in prosperous times, also means the CEO shares in the downside risk when the company falters.

What is the historical trend of the Wells Fargo CEO salary?

The historical trend of the Wells Fargo CEO salary and total executive compensation has mirrored broader shifts in corporate governance and executive pay practices over the past few decades, while also being significantly influenced by the company's unique operational and reputational journey. Generally speaking, the trend has been towards increasing total compensation, with a marked shift from base salary and immediate cash bonuses towards performance-based equity awards.

In earlier eras, a larger proportion of a CEO's pay might have been in the form of a base salary and an annual cash bonus tied to simpler financial metrics. However, starting in the late 20th century and accelerating into the 21st, there has been a pronounced move towards "performance-based" pay. This means that the bulk of compensation is now contingent upon achieving specific financial and strategic targets, often over multiple years. This was driven by shareholder activism and a desire to better align executive incentives with shareholder interests.

For Wells Fargo specifically, the company's significant growth through acquisitions in the early 2000s, followed by periods of strong financial performance, likely saw executive compensation rise accordingly. However, the company's more recent history, marked by several high-profile scandals (such as the fake accounts scandal, auto loan issues, and mortgage fees), has introduced a complex layer of influence on compensation trends. In periods following these crises, compensation committees have often faced intense scrutiny and pressure from regulators and shareholders to moderate pay, implement stricter clawback provisions, and tie a greater portion of compensation to risk management and compliance improvements.

For example, while total compensation figures might remain high in absolute dollar amounts, the composition and conditions attached to these awards have likely become more stringent. Regulatory actions, such as the Federal Reserve's asset cap, also indirectly impacted the company's ability to grow and, consequently, the performance metrics against which executive pay was measured. Therefore, while the overall trend has been towards higher total compensation for top executives across the industry, Wells Fargo's journey has been punctuated by periods where pay increases may have been tempered or specific incentives adjusted due to these external pressures and the need to demonstrate robust reform.

How does the Wells Fargo CEO's pay compare to other major bank CEOs?

Comparing the Wells Fargo CEO's pay to that of other major bank CEOs is a common practice and offers valuable context. Generally, the compensation for CEOs of the largest financial institutions in the United States tends to be in a similar ballpark, often ranging from $15 million to over $30 million in total annual compensation. However, the exact figures and their composition can vary significantly from year to year and from one bank to another, depending on the factors discussed earlier.

For instance, a CEO leading a bank that experienced exceptionally strong financial performance or achieved a major strategic milestone (like a successful merger) might see their compensation significantly increase for that particular year. Conversely, a CEO whose bank faced major regulatory fines or operational setbacks might see their compensation decrease or be held flat. Wells Fargo, due to its history of significant regulatory issues, has often been in a position where its CEO compensation might be scrutinized more intensely or structured with more conservative performance hurdles compared to peers who haven't faced similar challenges.

When looking at reported figures, you'll often find that CEOs of institutions like JPMorgan Chase, Bank of America, Citigroup, and Morgan Stanley are compensated in a similar range. For example, the CEO of JPMorgan Chase, Jamie Dimon, has consistently been one of the highest-paid among his peers, often exceeding $30 million in total compensation in recent years. This reflects both the size and complexity of JPMorgan Chase and Mr. Dimon's long tenure and perceived leadership effectiveness.

The key differences often lie in the weighting of different compensation components. Some banks might lean more heavily on stock options, while others emphasize performance-based stock units. The specific metrics chosen to drive incentive pay also vary, reflecting each bank's unique strategy and priorities. Therefore, while a general range exists, precise comparisons require looking at the most recent proxy statements of each bank's CEO and analyzing the details of their compensation packages, considering the performance and circumstances of each institution in that specific year.

What are "clawback provisions" in the context of CEO compensation?

"Clawback provisions" are a critical mechanism in modern executive compensation designed to recover compensation that has already been paid out to executives under certain circumstances. In the context of the Wells Fargo CEO salary and compensation packages for other senior executives, these provisions are increasingly important, particularly for companies that have faced scrutiny regarding financial reporting or conduct. Essentially, a clawback provision gives the company the legal right to demand the return of bonuses, incentive payments, or stock awards that were previously granted to an executive.

The primary triggers for invoking a clawback provision typically include:

Financial Misstatements: If the company is forced to restate its financial results due to material errors or fraud, any incentive compensation paid out based on those erroneous results can be subject to clawback. This ensures that executives do not profit from financial reporting that ultimately proves to be inaccurate. Misconduct or Violation of Policy: If an executive engages in serious misconduct, breaches company policies, or violates laws and regulations, the company may have grounds to reclaim compensation. This is especially relevant in industries like banking, where ethical conduct and compliance are paramount. Breach of Fiduciary Duty: Actions that are deemed to be a violation of the executive's duty to the company and its shareholders can also trigger clawbacks. Failure to Meet Performance Goals (Retroactively): In some structures, if performance targets were not truly met or were achieved through unsustainable or unethical means that later come to light, compensation may be reclaimed.

For Wells Fargo, given its past challenges, robust clawback provisions are essential. They serve as a powerful deterrent against risky or unethical behavior, reinforcing the message that executive compensation is not guaranteed and is contingent upon upholding the highest standards of integrity and performance. These provisions are often mandated or strongly encouraged by regulatory bodies and are a key point of focus for shareholders and governance advocates who seek to ensure accountability at the highest levels of the organization.

Looking Ahead: The Evolving Landscape of Executive Compensation

The landscape of executive compensation, including what is considered the Wells Fargo CEO salary, is continuously evolving. Several trends are shaping how companies structure and disclose pay for their top leaders:

Increased Emphasis on ESG Metrics: Environmental, Social, and Governance (ESG) factors are becoming increasingly important. Boards are exploring ways to incorporate metrics related to sustainability, diversity, equity, and inclusion into executive pay plans. For a company like Wells Fargo, strong performance in areas like community investment, fair lending practices, and robust diversity initiatives could increasingly influence incentive payouts. Greater Transparency and Shareholder Engagement: Shareholders are demanding more clarity and justification for executive pay. This leads to more detailed disclosures and increased engagement between companies and their investors on compensation matters. "Say-on-pay" votes are just one manifestation of this. Focus on Holistic Performance: Beyond just financial results, there's a growing recognition of the importance of qualitative factors such as corporate culture, employee engagement, and ethical leadership. While quantifying these can be challenging, their impact on long-term success is undeniable, and compensation plans are slowly adapting. Board Independence and Expertise: The role of independent directors on compensation committees is crucial. Ensuring these committees have the expertise and independence to make objective decisions, often aided by independent consultants, remains a priority. Global Harmonization (to some extent): While regional differences persist, there's a degree of international convergence in compensation practices, particularly among large, multinational corporations.

The Wells Fargo CEO salary will undoubtedly continue to be a subject of interest and discussion. However, the underlying principles of aligning pay with performance, ensuring accountability, and adapting to evolving stakeholder expectations are likely to remain central to how executive compensation is determined at Wells Fargo and across the corporate world.

Ultimately, understanding the Wells Fargo CEO salary involves looking beyond a single number. It requires appreciating the complex interplay of performance, strategy, market dynamics, and governance that shapes the compensation of those entrusted with leading America's largest corporations. The aim is to reward exceptional leadership that drives sustainable value for all stakeholders, while also ensuring accountability and responsible stewardship of immense resources.