CEO pay in spotlight as Wall Street revenue drops

Wall Street Bull

Wall Street’s down — and somebody’s gotta pay.

The New York Post reports that the biggest banks, starting with JPMorgan Chase Wednesday, are expected to report double-digit drops in revenue due to an unusually bad quarter for trading, which can make for some awkward timing for chief executives who want to get their pay packages approved at upcoming annual meetings.

“If banks don’t perform well, [executives] shouldn’t get paid as much,” Mike Mayo, bank analyst at CLSA, who has been critical of CEO pay, told The Post.

Michael Corbat, Citigroup’s CEO, and Brian Moynihan, of Bank of America, are vulnerable to “say on pay” votes this year as investors start campaigning for more executive accountability.

To access the complete New York Post article hit the link below:

Wall Street’s down numbers put CEOs pay packages on watch

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