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Wells Fargo Team News: Compensation Increases For The Brass, TARP Repayment Imminent

Courtesy of Tyler Durden

Surely the increase in “compensation close to the average pay for similar executive roles at peer group companies” is very much deserved, and Zero Hedge approves the very prudent decision by WFC’s board of directors. None of this would be made possible without the generosity of taxpayers and Bernanke’s plan to bog America in trillions of unsustainable debt for generations to come (aka the steep yield curve). Look for WFC’s TARP repayment announcement coming to an 8-K near you any day now.

Wells Fargo internal memo:

Team News: Wells Fargo Senior Leaders Receive Pay Increase in Stock

Cannot be sold until U.S. Capital Purchase Program investment re-paid

Wells Fargo & Company’s (NYSE: WFC) Board of Directors approved increases in the 2009 annual base salaries of President and CEO John Stumpf and three other executive officers. These increases will result in total annual compensation close to the average pay for similar executive roles at peer group companies and are payable, after taxes and other withholding, entirely in Company stock which the executives cannot sell until Wells Fargo repays the U.S. Treasury’s Capital Purchase Program (CPP) investment in the Company.

The cash salary for Stumpf will remain at $900,000 and he will receive an annual salary in stock of $4,700,000. Stumpf received a grant of 108,528 restricted share rights (RSRs), which will begin to vest in 2011, also subject to prior repayment of CPP funds by the Company. Upon vesting, each RSR will entitle him to one share of stock. The Board also approved increases in 2009 annual salaries in stock for:

* Dave Hoyt, senior executive vice president (SEVP) and head of Wholesale Banking, of $3,166,667, with his cash salary remaining at $700,000;

* Mark Oman, SEVP and head of Home and Consumer Finance, of $3,266,667, with his cash salary remaining at $600,000; and

* Howard Atkins, SEVP and chief financial officer, of $2,639,156, with his cash salary remaining at $700,000


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