Nice Work if You Can Get It

Wachovia Corp. Chief Executive Bob Steel doesn’t stand to receive a big payout due to Wachovia’s sale of its banking operations to Citigroup Inc. But a few of Wachovia’s other top executives do.

Three of Wachovia’s top executives have change-in-control agreements with the company that could pay them millions if they are terminated or choose to resign following Citi’s (NYSE:C) acquisition of the company’s banking operations.

Ben Jenkins, head of Wachovia’s general bank, would receive $13.3 million in severance payments and a pro-rated bonus of $3.7 million, according to a securities filing in March.

Steve Cummings, head of the company’s corporate and investment bank, could nab a $14.3 million severance payment and a bonus of $4.25 million.

And David Carroll, head of Wachovia’s capital-management group, would get a $14 million severance payment and a bonus of $4 million.

All three have employment agreements with the bank that provide handsome packages in the event of a change-in-control at the company, which includes a sale of "substantially all of Wachovia's assets." Citi is acquiring more than $700 billion of Wachovia's assets.

In addition to their severance payments, the three executives would also be entitled to medical, dental and life insurance benefits for themselves and their family members for life if they are terminated or resign after the deal closes.