Wells Fargo plans to freeze raises for prime earners because the financial institution’s new management workforce retools compensation practices with an in depth eye on prices, in line with folks briefed on the plans.

The measure, revealed to some managers on a convention name Wednesday, will halt will increase in base pay within the coming 12 months for workers making greater than $150,000, the folks stated. It is a minimum of the second time in just some weeks that the agency has sought to restrict the expense of rewarding well-paid workers.

A spokesperson for the San Francisco-based lender declined to remark.

Chief Govt Officer Charlie Scharf, who took over final October, has launched into a cost-cutting spree geared toward shaving $10 billion in annual bills. Already, the corporate has began workforce reductions that might finally quantity within the tens of hundreds.

The financial institution aborted an try final month to cease matching contributions to its 401(ok) retirement system for workers who earn greater than $250,000 a 12 months. In that case, the agency introduced the change, then reversed course just some days later. The corporate stated the transfer was a part of a push to place “higher emphasis on how we help our lower-paid workers by way of our compensation and advantages program.”