Wells dumped the Wachovia Bank name it acquired in a takeover last year of the flopped bank, and immediately withdrew the Wachovia name from the sponsorship of one of the PGA's most popular tornaments, the Wachovia Tournament in Charlotte, NC.
It also said it would slash bonuses for top management for more savings of millions a year alone.
Wachovia had agreed to provide up to $6.3 million in annual purse prizes for the tournament in a deal ending 2014, but questions arose on some aspects of the event's future.
Since Wells Fargo has taken $25 billion in federal rescue money, the company felt it would score more points by distancing itself from the golf game.
"Given the merger integration with Wells Fargo and Wachovia, we believe it no longer makes sense to invest in promoting the Wachovia brand via the tournament," said David Carroll, head of wealth management at Wells Fargo.
"In the current environment, we also believe that promoting this event with our brand could send mixed signals about our priorities to many of our stakeholders."
Wells Fargo said, however, that plans to honor sponsorship obligations and hasn't determined what the tournament will be named in future years, said spokeswoman Mary Beth Navarro.
Wells Fargo CEO John Stumpf and Chairman Richard Kovacevich are among executives who won't receive bonuses for 2008 because Wells Fargo didn't meet its performance goals, the bank said.
Earlier this week, lawmakers criticized Northern Trust Corp., which also got federal aid, for spending at a recent company-sponsored PGA tournament in southern California.
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