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Tags: US | Wells | Fargo | Compensation

No Cash, But Wells Officials Still Get Hefty Stock Bonuses

Thursday, 31 December 2009 01:12 PM

Wells Fargo says its CEO and three other high-ranking executives won't get cash bonuses in 2009.

The bank is awarding the executives performance-based stock awards currently worth a combined $25 million.

The shares are forfeited if the executives leave Wells Fargo & Co. for a competitor. They vest after three years if the company meets certain performance goals.

The San Francisco bank is awarding CEO John Stumpf a target of 379,600 shares, currently worth $10 million. Chief Financial Officer Howard Atkins, wholesale banking head Dave Hoyt and consumer finance head Mark Oman are each getting 189,800 shares, worth about $5 million.

Financial companies have been working to find ways to attract and retain talent as criticism of its pay practices swells.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
Wells Fargo says its CEO and three other high-ranking executives won't get cash bonuses in 2009.The bank is awarding the executives performance-based stock awards currently worth a combined $25 million.The shares are forfeited if the executives leave Wells Fargo Co. for a...
US,Wells,Fargo,Compensation
121
2009-12-31
Thursday, 31 December 2009 01:12 PM
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