Wells Fargo & Co. suspended its performance bonus policy for top
executives, citing compensation limitations placed upon companies that
received money under the Troubled Asset Relief Program, according to a
regulatory filing on Friday.

The
San Francisco bank, which accepted a $25 billion investment from the
federal government under the plan aimed at bolstering financial
institutions, also said senior officers won't receive cash incentives
for 2008 because the company didn't meet performance goals for the
year.

Those executives include Chief Executive Officer John Stumpf, Chief
Financial Officer Howard Atkins, Chairman Richard Kovacevich and Senior
Executive Vice Presidents David Hoyt and Mark Oman.

Wells Fargo did increase the base salaries of Atkins and Hoyt, from
$600,000 to $700,000. In addition, the bank granted restricted share
rights to Atkins, Hoyt and Oman, valued at one-third of their 2008
compensation, as permitted under the stimulus bill signed by President
Obama this month.

This article appeared on page C - 1 of the San Francisco Chronicle