Monday, June 25, 2012

U.S., European bank CEO pay on the rise

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

Bank CEO pay rising. Pay for the top executive at the largest U.S. and European banks grew about 12 percent last year, though the rate of growth has slowed, the Financial Times reports. JPMorgan Chase CEO Jamie Dimon came in first with $23.1 million, about 11 percent higher than the year before. Barclays chief Bob Diamond was second, with $20.1 million, including a nearly 6 million euro personal tax bill picked up by the bank. Last year's growth in bank CEO pay tracks the growth in CEO pay among North Carolina's largest public companies last year.

BofA could poach Goldman exec. Diego de Giorgi, chief operating officer of Goldman Sach's investment banking unit, is expected to take a post with Bank of America Merrill Lynch's European investment banking arm in London, the Wall Street Journal says. The move comes as BofA is trying to beef up its European IB activity.

Central banks want help. An organization that represents central banks put out a report today calling on governments to do their part to help stem the European debt crisis, including insuring bank deposits, The New York Times reports. It says that monetary policy alone is not going to be enough.

Profit hits could harm stocks. Recent downward revisions to profit outlooks at large U.S. companies could cast a pallor on the stock market in the coming months, the Financial Times reports. It could be an indicator of a softening economic recovery.

Charities honor bankers. Over the past two months, the CEOs of nearly all the major banks have been lauded by charities in New York, Bloomberg reports. John Thain, the former Merrill Lynch chief who helped orchestrate the sale to Bank of America, was named Father of the Year. JPMorgan head Jamie Dimon was named executive of the year. BofA CEO Brian Moynihan also got an award from the American Ireland Fund.

1 comments:

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