Enough doom and gloom already! Here’s a feel-good story! Sure, the AIG bonus debacle has soured the financial world on retention bonuses, but one company is still offering stick-around cash. To be precise, Wells Fargo is paying a bonus to keep one particular employee.
Wells Fargo, which bought out failing Wachovia during the financial meltdown, has agreed not only to keep former Wachovia executive David Carroll, but to pay him a $4.2 million bonus and stock options currently valued at $5 million if he stays with the firm for one year.
Carroll had headed Wachovia’s capitalunit. Apparently, Wells Fargo was so impressed with the job he did during Wachovia’s fiscal face-plant, it wanted him to do the same for its business.