Wells Fargo adjusts pay for top four execs

SAN FRANCISCO, Dec. 31 (UPI) -- U.S. bank Wells Fargo said Thursday its top four executives would receive only restricted stock for their bonus pay this year to encourage job retention.

The four executives would be awarded $25 million in bonus pay, the bank said.

Human Resources Committee Chairman Steve Sanger said, "Wells Fargo executives at all levels are being increasingly and aggressively recruited by competitors."

"Retaining them, along with our entire senior management team, is clearly in the best interest of our company and its shareholders," he said.

MarketWatch reported the bank's new policy comes a week after the firm divorced itself from the Treasury Department's Troubled Asset Relief Program. Companies that received extraordinary assistance under TARP had pay for the top 100 executives restricted, which raised concerns about banks keeping highly competitive executives.

In order to repay its federal bailout loan, the bank raised $12 billion last week with a sale of 489.9 million new shares, which sold for $25 each, MarketWatch said.