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Bank severance pay could be $98 million
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More from BusinessNEW YORK — Wachovia Corp.'s top executives are eligible to receive up to $98.1 million in severance, assuming the bank's acquisition by Wells Fargo & Co. is completed by Dec. 31 as expected, according to a regulatory filing.
Ten executives, not including CEO Robert Steel, have employment agreements that provide for severance payments in the event of termination following a change of control of the company, according to a filing Monday with the Securities and Exchange Commission.
But the actual payout will be less than $98.1 million, said spokeswoman Christy Phillips-Brown on Tuesday, as two of the executives have already accepted positions with Wells Fargo. Several others are currently in discussions with the San Francisco-based bank, Phillips-Brown said.
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