Your local, and gigantic, global bank thanks you for charging this year’s holiday shopping season onto one of their numerous 29.99% interest bearing credit cards. As such, profits have rebounded to pre-crisis levels; and with it, the compensation of the Ceasars who operate these denizens of criminality have soared.
Simultaneously, the share prices of these respective banks have slumped, mightily.
Let’s review the numbers.
Citi’s CEO, M. Corbat, increased by 27% to the paltry sum of $16.5 million (note: Corbat has zero homeruns and zero hits for the year)
Citi’s CFO, J. Gerspach, increased by 20% to a mere $9 million.
Citi’s Chief of their Institutional Clients Group enjoyed an 18.5% increase to $16 million.
Citi’s share price is down 25% over the past 12 months.
Bank of America’s CEO, B. Moyniham enjoyed a 23% spike to $16 million.
Bank of America’s share price is down 24% over the past 12 months.
And, lastly, JP Morgan’s own J. Dimon ‘earned’ $27 million in 2015, up 35%.
Jp Morgan’s share price was up a fantastical 0.11% over the past 12 months, which is more than enough to bestow a 35% hike to Dimon.
On the austere side, Morgan Stanley’s CEO, J. Gorman, was racked with a 7% reduction to the miserly annual pay of $21 million.
Morgan Stanley’s share price is down 33% over the past 12 months.
Goldman Sach’s CEO, Brooklyn’s own, Lloyd Blankfein, was penalized with a 4% pay cut to fall in at $23 million.
Goldman Sach’s share price is down 21% over the past 12 months.
Indeed.
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We should all be big bank CEO’s. I’m sure that any of us, if we worked hard at it, could manage to get our bank’s share price to fall 20% to 35%. Nice work if you can get it.
NOTHING
they do justifies that pay #
many private/public salaries arent merited
Im anti bernie anti socialist anti redistribution that does NOT mean
society is not out of whack and those statements arent valid
AWESOME
stocks have started the slide. and the plunge into roman-empire-
death-hell has started as it should with signs&circumstances like that
change [circumstances] to [contradictions&divergences]
Bernie has stated his solution to the problem. If you are anti-Bernie, and yet acknowledge the problem, then what is your solution?
That’s the real question. There is so much complexity that has been built up into “solutions” which create more problems. KISS. That’s my guess as to what sinking Titanic would say.
global reset
What these guys need to do is start charging customers for account deposits. What morons. Share prices would sky rocket.
Well we have to put this in context… they’re not swimming in profits. Basel III and Dodd Frank have fucked the investment banks so bad that they’re STILL making layoffs from the MD level to Analyst & not paying bonuses to the slaves still hired.
I have (had) friends at all of them. WF/JPM/MS/C/CS/DB/GS all are downsizing their Securites divisions.
The job market now for sell-side s&t and iBanking is arguably as bad now as it was in 2008/09.
Robots do it cheaper, and they don’t lie for a living.
I listened to some investment chap on the herd a few weeks ago. Dude was saying his robotics company was taking out sbux. Lol. He was glazing stuff over because it’s a sports talk show but food for thought.
Their Bankster pay should be tied to stock prices….many if not all these CEO’s have instituted wage freezes for many of their banks employees…and lay off employees thru massive downsizing. And yet they see to it that the bank’s cost savings are added to their personal CEO pay.
In the worst stock market decline in history, the beginning of the year, Jamie Diamond was all smiles as he awarded himself a 35 percent raise!
The CEO’s act like the Lords of yesteryear….and most of the bank employees are mere serfs.