Monday, September 10, 2012

Some big banks rethinking CEO pay

The morning roundup is back after a week-long DNC hiatus. Thanks for bearing with us.

Banks considering new CEO pay structure. JPMorgan Chase and Citigroup directors are considering changes to how they pay their CEOs after shareholder unrest over last year's, the Wall Street Journal reports. JPMorgan's Jamie Dimon is expected to get a smaller bonus after the 'Whale' loss. Citigroup shareholders voted"no this year in their annual "say on pay" vote.

White House could get more financial regulatory power. Republicans in the U.S. Senate are pushing a bill that would give the White House more control over how financial regulations are put into place, a tactic which could delay and weaken financial reform, The New York Times reports.

Fiduciary standard for brokers on hold. The SEC has apparently pressed pause on a rule that would hold brokers to the same fiduciary standard for clients as investment advisers, Bloomberg reports. No action is scheduled for the rest of the year.

Wells Fargo cleans out wrong house. An elderly couple in California lost a number of their possessions after Wells Fargo contractors mistakenly cleaned it out, ABC News reports. The bank had foreclosed on a nearby house and the contractors broke in to the wrong one. The house, in fact, had been paid for in cash.

U.S. selling AIG stock. The government is set to become a minority shareholder in insurance giant AIG by selling $18 billion in stock acquired in the 2008 bailout, the Wall Street Journal says. The U.S. will likely still have a 20 percent stake in the company.

Mooning will get you fired. In what's just a bizarre story, a court turned down the appeal of an investment analyst at a Bank of America subsidiary who argued that mooning his boss was not a just cause for being fired, Time magazine says. The employee was trying to get money from his separation agreement. Be sure to read the court document. It's not every day you see "The 'Mooning'" as a subhead in a judge's opinion.