The largest banks have cut compensation or held it steady for their top executives. Many regionals are expected to make similar decisions as boards balance the desire to reward strong leadership during the pandemic with lackluster financial performance and public relations concerns.
Bank of America and Citigroup trimmed compensation for their chief executives in 2020, a year in which banks exercised restraint in compensating employees as the pandemic ravaged the economy.
Bank of America and Citigroup trimmed compensation for their chief executives in 2020, a year in which banks exercised restraint in compensating employees as the pandemic ravaged the economy.
Anger is building in the senior ranks at Bank of America after the company waived an unpopular new bonus policy for top traders and dealmakers while keeping the plan in place for other employees.
Wells Fargo cut its chief executive's compensation about 12% for 2020, a year in which shares tumbled and the company slashed its dividend and reported its first quarterly loss since 2008.
Stephen Steinour, the head of Huntington Bancshares, approached TCF Financial about a merger three days after the latter's CEO abruptly retired. An agreement was sealed in about six weeks.
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.
The JPMorgan Chase CEO's total compensation went unchanged at $31.5 million for his work in 2020, a year in which a global pandemic roiled the economy and caused banks to set aside billions to cover future bad loans.
