News Topic: Bonuses and incentives

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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.” ... Read full article

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 ... Read full article

The bank is offering big bonuses to hire new financial advisors; recent share repurchases have raised the cost of future rebuys. ... Read full article

The bank raised its return-on-equity goals, based mostly on cost cuts and its core trading business; the Fed did raise the rate it pays on bank reserves. ... Read full article

The changes will mean a bigger gap between the best and worst borrowers; the bank will require companies they take public to have a ‘diverse’ board member. ... Read full article

Fintechs want access to customers’ financial data, but banks are resisting, on security concerns; Deutsche Bank may cut bonus pool 20% after 14% drop last year. ... Read full article

Traders and bankers hoping a better-than-expected third quarter would boost their year-end pay are likely to be disappointed. ... Read full article

Bank of America plans to pay its employees special bonuses for a third straight year after reporting record earnings in four of the past five quarters. ... Read full article

During a probe that grew out of the Wells Fargo scandal, the Charlotte-based bank has acknowledged instances of "potentially unauthorized" accounts, but said that the number of examples was "vanishingly small." ... Read full article

The rate on a 30-year fixed-rate mortgage dropped to 3.6%, a three-year low; Mary C. Erdoes, a top bank executive, allegedly pushed back against compliance department suggestions to jettison the controversial client. ... Read full article

Since Wells Fargo’s phony-accounts scandal broke in 2016, the bank has appeared contrite in public. In private, it’s a different story. ... Read full article

Deutsche Bank employees in the U.S. received the lion's share of bonuses as the lender sought to retain top performers following cuts to the investment bank there. ... Read full article