Refishowcase Business & Finance

Wells Fargo & Co. agreed to provide end bonus in the form of bonus shares in 2009 to his bosses executive class. The total bonus is reached $ 25 million.

But it stressed that the bosses would not receive cash bonuses. This appeal followed President Barack Obama, where many companies go bankrupt, but it gives a big bonus for the boss.

Wells Fargo & Co. decided to provide bonuses for Chief Executive John Stumpf and three other executive officers.

Stumpf received 379.6 thousand shares of stock worth $ 10 million. Chief Financial Officer Howard Atkins, Head of Wholesale Banking Dave Hoyt and Head Home and Consumer Finance Mark Oman each got 189,800 shares of stock bonus worth $ 5 million.

However, the bonus will be given a bank based in San Francisco was the condition. That is, if the four officers are able to achieve the targets set out in the next three years. Another requirement, which is a bonus would be burnt if they move to the company’s competitors.

Previously, the banking group from the United States (U.S.) Wells Fargo is buying shares of British insurance company, Prudential.

Purchase of shares was conducted by a joint venture with Wells Fargo brokerage Advisors for $ 4, $ 5 billion in cash at the end of this year.

Wells Fargo also announced that on Tuesday, December 15 local time, where day after his party agreed to pay $ 25 billion into the U.S. Treasury as payment for the bailout received at the time of financial crisis.