Reply #19: Wachovia execs could get $98.1 mln severance

[UpInArms]

Source: Reuters

NEW YORK, Nov 24 (Reuters) - Wachovia Corp (WB.N: Quote, Profile, Research, Stock Buzz), which lost $33 billion in the last two quarters, said 10 of its top executives may be entitled to as much as $98.1 million in severance pay after the bank is acquired by Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz).

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 Dec. 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 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 stock incentive plans. But the executives' stock options are worthless, the bank said.

Christy Phillips-Brown, a Wachovia spokeswoman, said the actual amount of severance payments following the closing should be less than $98.1 million. This is because two of the 10 eligible executives have accepted positions at Wells Fargo, and "several others" are in talks, she said.

Read more: http://www.reuters.com/article/bondsNews/idUSN2452955420081125

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less than $98.1 million :cry: :cry: :cry:

those poor poor poor starving babies :cry:

:sarcasm: