Wednesday, May 2, 2012

Regional bank pay catching up to Wall Street

Welcome to the morning roundup. Here's a look at what's news in banking and finance:

Regional bank pay. Pay packages for execs at regional lenders are catching up to their counterparts on Wall Street, Bloomberg reports. The five largest regional bank CEOs earned 74 cents for every dollar paid to the six  biggest U.S. banks, an increase from 38 cents in 2007. Capital One's CEO made $19.2 million last year, ahead of Goldman Sachs and second only to JPMorgan Chase's Jamie Dimon.

Coliseum Centre purchase. Goldman Sachs alums and the investment arm of Cargill Inc. have bought the Coliseum Centre, the nearly 1 million-square-foot office complex near the site of the old Charlotte Hornets arena in a $103.2 million deal, the Wall Street Journal reports in its "deal of the week" feature. The complex is 19 percent vacant, and many leases expire soon. About 70 percent of the deal is financed by a Bank of America mortgage, and the owners plan to sell in a few years.

No votes aren't revolt. The "no" votes on pay packages at Citigroup, Barclays and other firms aren't the start of a "corporate Arab Spring," The New York Times says. Attention is likely to die down, and the most that will happen are apologies, the Times writes.

Wells advantage. Wells Fargo's chief financial officer said his bank will be at a competitive advantage as regulators force larger banks to hold more capital, Bloomberg reports.

Cuts amid progress. Bank of America's expected cuts to its overseas operations come as the bank has made progress in international investment banking, the Wall Street Journal says.