Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe Only Thing Up on Wall Street Is CEO Pay
Nothing can stop the rise in Wall Street CEO pay, not even poor performance.
Last week, the last of the nations six big banks, Bank of America and Citigroup, disclosed what they paid their CEOs for 2015. Both awarded their CEOs, Brian Moynihan of BofA BAC 0.66% , and Michael Corbat of Citi C -1.01% , a raise. Moynihan got a $3 million bump to $16 million, a 23% increase from the year before. And Corbat was paid $3.5 million, or 27%, more than the year before.
That must mean 2015 was a pretty great year for BofA and Citi, right? Not quite. The shares of the two banks fell, dropping 6% and 4%, respectively.
...
J.P. Morgan CEO Jamie Dimon was the biggest winner of the big bank CEOs in terms of pay raises. Shares of J.P. Morgan JPM -0.77% rose last year, by 6%. The banks operating profit, though, fell 2%. Whats more, the bank sent a fair amount of its employees packing last year, cutting 6,671 positions in 2015. None of that stopped J.P. Morgans board from awarding Dimon a hefty 35% raise. Dimon got a $7 million raise, to $27 million for 2015.
http://fortune.com/2016/03/22/wall-street-ceo-pay/
Last week, the last of the nations six big banks, Bank of America and Citigroup, disclosed what they paid their CEOs for 2015. Both awarded their CEOs, Brian Moynihan of BofA BAC 0.66% , and Michael Corbat of Citi C -1.01% , a raise. Moynihan got a $3 million bump to $16 million, a 23% increase from the year before. And Corbat was paid $3.5 million, or 27%, more than the year before.
That must mean 2015 was a pretty great year for BofA and Citi, right? Not quite. The shares of the two banks fell, dropping 6% and 4%, respectively.
...
J.P. Morgan CEO Jamie Dimon was the biggest winner of the big bank CEOs in terms of pay raises. Shares of J.P. Morgan JPM -0.77% rose last year, by 6%. The banks operating profit, though, fell 2%. Whats more, the bank sent a fair amount of its employees packing last year, cutting 6,671 positions in 2015. None of that stopped J.P. Morgans board from awarding Dimon a hefty 35% raise. Dimon got a $7 million raise, to $27 million for 2015.
http://fortune.com/2016/03/22/wall-street-ceo-pay/
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 3071 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (4)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
The Only Thing Up on Wall Street Is CEO Pay (Original Post)
whereisjustice
Mar 2016
OP
bbgrunt
(5,281 posts)1. the obscenties continue...I guess "cut it out" didn't do the trick
Yo_Mama
(8,303 posts)2. CEO pay never goes down!!! Housing values do, stock values do, but CEO pay doesn't. n/t
Visionary
(54 posts)3. As usual
The rich get richer, while laying people off and losing money for their companies. CEO pay in this country is like a runaway train. Unless somebody puts on the brakes and soon there's gonna be a crash.