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July 26, 2010 Monday
16 overpaid top executives during crisis
London, July 26 — Citigroup, Bank of America and 15 other bailed-out financial services companies overpaid their top executives by USD 1.6 billion during the height of the financial crisis, a review by the US government on top executives’ compensation has found.
According to our staff reporter, Kenneth Feinberg, who was appointed last year by the US President, Barack Obama, to oversee the pay policies at the companies that received the greatest government support, began in March his latest inquiry into top executives’ compensation from late 2008 to early 2009, media report noted.
According to the publication, Citi topped the list on excessive pay, thanks in large part to the compensation of several star employees at the bank’s Phibro commodities trading unit, Citi sold the business to Occidental Petroleum last year.
“Getting our compensation structure right is a priority for us. Since the crisis, we have done a lot of work to make sure it is performance-based and we look forward to reviewing the special master’s recommendations,” the report quoted Citi spokesperson as saying.
The other companies cited by the special master were: American Express, American International Group, Boston Private Financial Holdings, Capital One Financial, CIT Group, JPMorgan Chase. M&T Bank, Morgan Stanley, Regions Financial, SunTrust Banks, Bank of New York Mellon, Goldman Sachs, PNC Financial Services Group, US Bancorp and Wells Fargo, the report said Published by HT Syndication with permission from Daily Pak Banker. For any query with respect to this article or any other content requirement, please contact Editor at email@example.com
August 9, 2010