Wall Street Pit’s Ron Haruni points out that as the banking industry’s stocks plunged this year — with major megabanks like Bank of America facing uncertain fates — their executives have walked away with sky-high salaries.
Haruni cites the work of Rochdale Securities analyst Dick Bove and shows how banks have seen their value and stocks plunge by double-digits while executive compensation remains high:
According to data from Rochdale Securities analyst Dick Bove, the heads of major banking groups including JPMorgan Chase (JPM), Goldman Sachs (GS) and Bank of America (BAC) are out-earning their employees and shareholders even as shares of bank stocks as a group lost about 26% this year.
Bove found that while the 23 financial institutions he follows saw their stock prices and market cap drop by more than 30% and 11%, respectively, bank CEO compensation averaged $7.74 million.
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