This week’s Santander moment changes nothing in the world of outrageous bankers' pay [Toronto Globe and Mail (Ontario, Canada)]
JP Morgan Chase & Co. (JPM)
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Source: Toronto Globe and Mail
This week’s Santander moment changes nothing in the world of outrageous bankers' pay The Santander moment might have you believe the banking world has changed, that outrageous pay for bankers with the mental makeup of a Las Vegas card shark is finally becoming a relic of the decadent past. Populism has hit the pay world – thank you Bernie Sanders, Alexandria Ocasio-Cortez, Jeremy Corbyn and the other headline-grabbing socialists who equate overpaid bankers with broken, late-stage capitalism and the greediest bankers with the end of civilization, Rome in the fourth century. If only it were that simple and uplifting. Sadly, it’s not. What seemed like the dawn of a new era in bankers’ pay came on Tuesday, when Ana Botin, executive chairman of Spain’s Banco Santander, one of the world’s biggest commercial and retail banks, cancelled the appointment of Andrea Orcel, whom she had agreed to hire in September to become Santander’s new CEO. Mr. Orcel, a Roman, is one of Europe’s best known and
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