Wells to cut spending on golf event
Wells Fargo & Co., which received $25 billion in government aid, said Wednesday that it was cutting spending on the Wachovia Championship golf tournament in April amid criticism from U.S. lawmakers about banks’ expenses.
The San Francisco bank, which acquired Wachovia Corp. in December, has a sponsorship contract with the PGA Tour through 2014, spokeswoman Mary Beth Navarro said. The company is reducing costs, including some related to client entertainment, but hasn’t determined the specifics, she said.
“This event helps us drive significant revenue for our businesses by building client relationships, but we are carefully evaluating all of our expenses given the economic environment,” Navarro said.
Wells Fargo is evaluating all of its sponsorship agreements to determine how they benefit the company, she said.
The Wachovia Championship runs April 27 through May 3 in Charlotte, N.C.