Wells Fargo says its CEO and three other high-ranking executives won't get cash bonuses in 2009.
The bank is awarding the executives performance-based stock awards currently worth a combined $25 million.
The shares are forfeited if the executives leave Wells Fargo & Co. for a competitor. They vest after three years if the company meets certain performance goals.
The San Francisco bank is awarding CEO John Stumpf a target of 379,600 shares, currently worth $10 million. Chief Financial Officer Howard Atkins, wholesale banking head Dave Hoyt and consumer finance head Mark Oman are each getting 189,800 shares, worth about $5 million.
Financial companies have been working to find ways to attract and retain talent as criticism of its pay practices swells.
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