Wachovia Corp. (NYSE: WB) announced in a regulatory filing that new CEO Robert Steel will be paid handsomely to help turnaround the bank – possibly as much as $38 million.

The former Goldman Sachs Group (NYSE: GS) employee who most recently served in the Treasury Department has an annual salary of $1.1 million, bonus incentive up to $12 million, a separate long-term bonus award of $15 million, plus a restricted stock-grant of $10 million to be issued on July 15.