Wells exec offered $8M retention bonus

Wells Fargo & Co. will pay former Wachovia Corp. executive David Carroll an $8 million retention bonus if he stays with the combined company for one year.

According to a filing with the Securities and Exchange Commission, Carroll will make a salary of at least $700,000. He also will be eligible for a bonus of up to $4.2 million and a stock option award with a grant-date value of $5 million.

Last November, San Francisco-based Wells chose Carroll, who was then head of Wachovia capital-management group, to lead the combined firms’ wealth management efforts.

A Wells spokeswoman said at the time that Carroll would be the only Wachovia executive reporting to Wells Chief Executive John Stumpf after the merger.

Wells bought Charlotte, N.C.-based Wachovia late last year for $12.7 billion.