It’s payday for bankers!
This morning’s headlines delivered news of big raises at TCF and Wells Fargo.
The Star Tribune reports that TCF’s Bill Cooper, who frequently bragged about forgoing a salary in his first year back as CEO, is getting a little bump up, from $0 to $950,000. The contract runs through Dec. 2014, the newspaper reports.
Wells Fargo, meanwhile, offered pay increases to its top four executives. The compensation will come in the form of stock that can’t be sold until after the bank returns the feds’ Troubled Asset Relief Program funds.
Wells Fargo’s human resources chairman Steve Sanger said the raises better align the bank’s pay with others its size. “We must balance the need to appropriately pay and retain our top performing team members with the responsibility we have as a [TARP] recipient.”