Apparently Wells is paying retention bonuses.
Big Payout for Carroll
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By DAN FITZPATRICK
The highest-ranking Wachovia Corp. executive to remain with Wells Fargo & Co. following a union of the two banks could get as much as $17.9 million in salary, bonuses and stock options if he sticks it out in 2009.
David Carroll, now a senior executive vice president with San Francisco-based Wells, will receive a base salary for 2009 of at least $700,000, according to a regulatory filing. Mr. Carroll also is eligible for "retention" bonuses totaling $8 million if he works through Dec. 31, a performance-related bonus of as much as $4.2 million and a stock option award equal to $5 million.
A Wells spokesman declined to comment about Mr. Carroll's agreement, and Mr. Carroll couldn't be reached.
Mr. Carroll is a linchpin as the two firms combine operations. Because he joined Wells, he wasn't eligible for any severance payments from Wachovia. Several colleagues walked away with multimillion-dollar packages.
Elsewhere in its executive ranks, Wells is tightening incentives. Wells said it won't award 2008 bonuses to its six top corporate officers, including Chairman Richard Kovacevich and Chief Executive John Stumpf.
Separately, Wells also disclosed that "several government agencies" are investigating matters related to Wachovia's purchase of California lender Golden West Financial Corp.
Write to Dan Fitzpatrick at email@example.com
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