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The Only Thing Up on Wall Street Is CEO Pay
Nothing can stop the rise in Wall Street CEO pay, not even poor performance.
Last week, the last of the nation’s six big banks, Bank of America and Citigroup, disclosed what they paid their CEOs for 2015. Both awarded their CEOs, Brian Moynihan of BofA BAC 0.66% , and Michael Corbat of Citi C -1.01% , a raise. Moynihan got a $3 million bump to $16 million, a 23% increase from the year before. And Corbat was paid $3.5 million, or 27%, more than the year before.
That must mean 2015 was a pretty great year for BofA and Citi, right? Not quite. The shares of the two banks fell, dropping 6% and 4%, respectively.
...
J.P. Morgan CEO Jamie Dimon was the biggest winner of the big bank CEOs in terms of pay raises. Shares of J.P. Morgan JPM -0.77% rose last year, by 6%. The bank’s operating profit, though, fell 2%. What’s more, the bank sent a fair amount of its employees packing last year, cutting 6,671 positions in 2015. None of that stopped J.P. Morgan’s board from awarding Dimon a hefty 35% raise. Dimon got a $7 million raise, to $27 million for 2015.
http://fortune.com/2016/03/22/wall-street-ceo-pay/
Last week, the last of the nation’s six big banks, Bank of America and Citigroup, disclosed what they paid their CEOs for 2015. Both awarded their CEOs, Brian Moynihan of BofA BAC 0.66% , and Michael Corbat of Citi C -1.01% , a raise. Moynihan got a $3 million bump to $16 million, a 23% increase from the year before. And Corbat was paid $3.5 million, or 27%, more than the year before.
That must mean 2015 was a pretty great year for BofA and Citi, right? Not quite. The shares of the two banks fell, dropping 6% and 4%, respectively.
...
J.P. Morgan CEO Jamie Dimon was the biggest winner of the big bank CEOs in terms of pay raises. Shares of J.P. Morgan JPM -0.77% rose last year, by 6%. The bank’s operating profit, though, fell 2%. What’s more, the bank sent a fair amount of its employees packing last year, cutting 6,671 positions in 2015. None of that stopped J.P. Morgan’s board from awarding Dimon a hefty 35% raise. Dimon got a $7 million raise, to $27 million for 2015.
http://fortune.com/2016/03/22/wall-street-ceo-pay/
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