How Good Were the Paydays for Bank Chiefs … and Shareholders?: DealBook Briefing [The New York Times]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: The New York Times
Are those paydays justified? Let’s take Mr. Corbat. Citigroup’s stock rose 25 percent in 2017, a lot more than the 16 percent posted by the KBW Bank Index. Investors piled into bank stocks because of expectations of stronger economic growth, and also because they expected the Trump administration to loosen banking regulations. Citi’s underlying businesses improved last year. The bank also got through the Federal Reserve’s stress tests in 2017 without objections from the regulator, something it had struggled to do in previous years. The message from Citi’s board seems to be that, since the bank’s performance is now much closer to that of its peers, Mr. Corbat’s pay also needs to be in the vicinity of his counterparts on Wall Street. But on other yardsticks, the awards can seem high Citi may be doing better than in the past, but its return on equity, a metric that shows a bank’s return on its capital, was only 6.6 percent last year. Bank of America’s was 6.7 percent. Both a
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