Wachovia Top Execs Eligible For Severance Pay

By: Associated Press
By: Associated Press

NEW YORK (AP) -- Top executives at Wachovia Corp. 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.

Ten executives, not including CEO Robert Steel, have employment agreements that provide for severance payments in the event of termination after a change of control of the company -- according to a filing with the Securities and Exchange Commission.

Spokeswoman Christy Phillips-Brown says the actual payout will be less than $98.1 million because two of the executives have already accepted positions with Wells Fargo.

Several others are currently in discussions with the San Francisco-based bank.

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