Now it's Wells Fargo taking a cue from Northern Trust

First it was Morgan Stanley that in the aftermath of the Northern Trust controversy announcing that it would cut its hospitality for clients and executives at the Memorial Tournament Presented by Morgan Stanley (see previous post).

Now Wells Fargo, which bought the Wachovia Corp. last year, has said that it would cut costs, including those earmarked for entertaining, at the PGA Tour's Wachovia Championship in deference to the economy.

-- John Strege