Wells Fargo offers top execs stock in lieu of bonuses

01/4/2010 | Wall Street Journal, The · Reuters

Wells Fargo CEO John Stumpf and three other top executives will not receive cash bonuses for 2009. Instead, they were granted millions of dollars in stock, with the amount depending on the bank's performance, according to a securities filing. The alternative is an effort to retain the senior executives at a time when rival banks are heavily recruiting. "Given the current challenges impacting the banking industry, Wells Fargo executives, at all levels, are being increasingly and aggressively recruited by competitors," said Steve Sanger, chairman of the Wells Fargo board's human resources committee.

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Wall Street Journal, The · Reuters

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