This excerpt taken from the WFC DEF 14A filed Mar 17, 2008.
Peer Group for Compensation and Performance Comparisons
The HRC uses compensation and financial performance data from a group of large, publicly traded financial services companies to help establish competitively relevant and reasonable pay levels for our named executives. These companies, referred to as our Peer Group, make up the competitive compensation benchmarks we consider for attracting and retaining top management talent. The HRC periodically reviews and may adjust the companies included in the Peer Group. For 2006 compensation purposes, the Peer Group consisted of nine financial services companies (the 2006 Peer Group), including American Express Company and Bank of New York, Inc. At the HRCs meeting in June 2007, the HRC removed these two companies and added six regional financial services companies after considering managements recommendation and the views of F.W. Cook, the HRCs outside compensation consultant. In making these changes, the HRC concluded that, due to changes in their business models, American Express Company and Bank of New York, Inc. were no longer appropriate for inclusion in our Peer Group, and that the additional six regional financial services companies compete both for our business and executive talent. As a result of these changes, our Peer Group for 2007 compensation and performance purposes consists of the following 13 financial services companies:
Bank of America Corporation
Capital One Corporation
Fifth Third Bancorp
JPMorgan Chase & Co.
National City Corporation
The PNC Financial Services Group, Inc.
Regions Financial Corporation
SunTrust Banks, Inc.
Washington Mutual, Inc.