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Wells Fargo to Freeze Raises for High Earners Amid Cost Cuts
- Lender has begun explaining the new policy to its managers
- Move comes after aborted attempt to curb retirement benefit
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Wells Fargo & Co. plans to freeze raises for top earners as the bank’s new leadership team retools compensation practices with a close eye on costs, according to people briefed on the plans.
The measure, revealed to some managers on a conference call Wednesday, will halt increases in base pay in the coming year for employees making more than $150,000, the people said. It’s at least the second time in just a few weeks that the firm has sought to limit the expense of rewarding well-paid employees.