The nation's largest second credit union is thanking all full-time employees for their work since COVID hit. But even as vaccinations ramp up, remote work will be the norm for most for several more months.
The credit union will provide a one-time stimulus check for all employees who worked through the COVID-19 crisis, similar to a recent move at Bank of America.
Bank of America scrapped a proposed bonus policy this week after it provoked the ire of high-earning traders and dealmakers, some of whom could have missed out on a big chunk of their compensation.
Bank of America will give $750 to eligible staff who earn $100,000 or less annually, while higher-paid employees will receive a stock award, according to a memo to staff from CEO Brian Moynihan.
A report from CUES shows total compensation growing for members of the C-Suite, but institutions on the smaller end of the asset spectrum — representing two-thirds of the total industry — face stark differences in median CEO pay.
The bank will be allowed to exceed the limit to enable it to make more small business loans; the CEOs of HSBC and StanChart are also donating part of their pay to coronavirus victim charities.
Corporations have tapped more than $124 billion in lines in the past three weeks; rating agency says virus “could wipe out a full year of U.S. banking profits.”
A new religion swept Wall Street after the 2008 crisis: Pay executives with stock, make them wait to collect it, and there will be fewer problems. Now a generation of executives retiring from Wells Fargo is experiencing what can happen to those payouts when new scandals arise.
