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Business Briefing / Banking

Bonuses reined in at Wells Fargo

February 28, 2009|Times Wire Reports

Wells Fargo & Co. suspended cash bonuses for top executives as the U.S. government bolsters its authority over recipients of bailout funds.

The lender, which received $25 billion through the Troubled Asset Relief Program, or TARP, is adhering to President Obama's new rules on perks and compensation.

Wells Fargo Chief Executive John Stumpf and Chairman Richard Kovacevich are among executives who won't receive bonuses for 2008 because Wells Fargo didn't meet its performance goals, the San Francisco bank said.

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