InfoAnda - Wells Fargo Suspends Executive Bonuses On Weak 2008 Performance

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Wells Fargo Suspends Executive Bonuses On Weak 2008 Performance February 27, 2009 2:36 p.m. EST Mayur Pahilajani - AHN News Writer New York, NY (AHN) - Wells Fargo & Co. (NYSE: WFC) said in its regulatory filing report that the fourth-largest U.S. bank has suspended cash bonuses for CEO John Stumpf and some other top executives. According to a Securities and Exchange Commission, the bank will not also give bonus payments in 2008 to five top executives, including Stumpf, as the firm did not meet require performance level in the same period. In 2008, Stumpf got a cash bonus of $4.2 million, which was based on the company's performance in 2007. Other executives that will not receive performance bonuses are CFO Howard Atkins, Chairman Richard Kovacevich and two executive vice presidents, David Hoyt and Mark Oman. The bank will also cut the base salaries of Atkins and Hoyt to $700,000, from $600,000, beginning Sunday. Last month, the San Francisco-based company officially taken over Charlotte-based Wachovia Corp. for a price for $12.7 billion. Wells Fargo received $25 billion from Treasury last October, which was the first installment of the Troubled Asset Relief Program (TARP). The funding by the government aimed at shoring up its financial statement in the troubled period on Wall Street. Under TARP terms, the company must restrict the initially capped non-performance-based payment for senior executives at $1 million per year. While, the Emergency Economic Stabilization Act of 2008 require the firm to keep that limit down to $500,000. Recently, the company said that it has committed new loans to consumer and commercial customers of $187 billion since the start of the credit crisis in mid-2007, while it has loan commitments of $22 billion in fourth quarter. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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