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.
More than a dozen newborn lambs cavorted around a fenced-in yard beneath the scrutiny of their...
David West raised four kids in Los Angeles working as a Hollywood cinematographer — no mean...
Maggie was faced with a tough choice in February 2025: quit her job at the US...
The US labor market picked up in March as employers showed signs of resilience amid the...
