Wells Fargo deal severance generous

THE BALTIMORE SUN

SAN FRANCISCO -- The merger between Wells Fargo & Co. and First Interstate Bancorp, the richest in banking history, will produce one of the most generous severance packages in American business.

The estimated 750 senior managers expected to be laid off after Wells' $11.6 billion acquisition of First Interstate will get two years' pay -- probably at least $200,000 apiece, according to bank officials.

The 3,400 or so middle managers who probably will lose their jobs will be offered at least one year's pay and up to two years' compensation, depending on how long they have been with either of the banks.

fTC

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