NEW YORK (Reuters) – Wachovia Corp (NYSE:WB – News), 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 (NYSE:WFC – News).
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.
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.
Wachovia also said a closing would entitle its 11 executive officers, who include Steel, as well as Chairman Lanty Smith to $2.5 million in equity-based awards under existing stock incentive plans. But the executives’ stock options are worthless, the bank said.
- Full-Page NYT Ad Against Proponents of Wage Hike February 28, 2014
- Increasing the Minimum Wage Can Actually Create Jobs—If It’s Enforced February 13, 2014
- The Affordable Care Act Will Raise Wages February 6, 2014
- New Issue! January 30, 2014
- What’s Crippling the Recovery–Lack of Investment Demand or Too-Big-to-Lend Banks? January 20, 2014
at a 30% discount.
TagsAdidas Alejandro Reuss Apple Arthur MacEwan austerity Bill Black Bill Moyers Carmen Reinhart co-ops Darwin BondGraham Dave Zirin Dean Baker Detroit bankruptcy Gerald Friedman Greece health care housing recovery inequality Jeannette Wicks-Lim John Cassidy John MIller Ken Rogoff libor low-wage workers McDonald's Michael Hudson minimum wage Naked Capitalism Obamacare Paul Krugman pensions Phil Gasper private equity racism real estate Robert Pollin Ron Baiman Sarah Blaskey small business sweatshops taxes unemployment Walmart William K. Black Yves Smith