Wachovia Execs May Get $98.1M Severence


	Wachovia Execs May Get $98.1M Severence

Forbes Markets

11-24-2008 5:18 PM

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wachovia, banking, global financial crisis

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/1eb2a7cc-17ce-4d0a-93da-7d542a440be7/2D2EBB97-29FE-465F-A451-BE5C1545B2BE/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.reuters.com/article/businessNews/idUSTRE4AN79T20081124?feedType=nl&feedName=usdai" href="http://www.reuters.com/article/businessNews/idUSTRE4AN79T20081124?feedType=nl&feedName=usdai" style="font-size: 11px;">www.reuters.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.reuters.com/article/businessNews/idUSTRE4AN79T20081124?feedType=nl&feedName=usdai"><P>Wachovia Corp (WB.N: <A href="http://www.reuters.com/stocks/quote?symbol=WB.N">Quote</A>, <A href="http://www.reuters.com/stocks/companyProfile?symbol=WB.N">Profile</A>, <A href="http://www.reuters.com/stocks/researchReports?symbol=WB.N">Research</A>, <A href="http://reuters.socialpicks.com/stock/r/WB">Stock Buzz</A>), which lost $33 billion in the last two quarters, said 10 top executives may be entitled to $98.1 million in severance pay after the bank is acquired by Wells Fargo & Co (WFC.N: <A href="http://www.reuters.com/stocks/quote?symbol=WFC.N">Quote</A>, <A href="http://www.reuters.com/stocks/companyProfile?symbol=WFC.N">Profile</A>, <A href="http://www.reuters.com/stocks/researchReports?symbol=WFC.N">Research</A>, <A href="http://reuters.socialpicks.com/stock/r/WFC">Stock Buzz</A>).<SPAN id="midArticle_byline"></SPAN></P><SPAN id="midArticle_0"></SPAN>
<P>In a U.S. Securities and Exchange Commission filing, Wachovia said the executives would receive severance under their employment agreements if the merger closes by December 31, as expected. Wachovia said shareholders will vote on the merger on Dec 23.</P><SPAN id="midArticle_1"></SPAN>
<P>The 10 executives do not include Robert Steel, who in July replaced the ousted Ken Thompson as Wachovia's chief executive, and does not have an employment agreement.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/2D2EBB97-29FE-465F-A451-BE5C1545B2BE/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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