TARP, Losses Take a Bite out of SunTrust Pay
US Banker | March, 2010
|
Print
Email
Reprints
FeedbackThe wallets of CEO James Wells and other SunTrust senior executives were a little lighter in 2009 after the Atlanta company recorded $1.73 billion in losses and agreed to pay restrictions due to participation in the Troubled Asset Relief Program (TARP).
According to proxy filings last week by SunTrust, and in calculations done by The Associated Press, Wells was paid $5.9 million in salary and stock options in 2009, a 27 percent drop from his total package in 2008. While his base $1.1 million salary was similar to 2008, the value of his stock options and restricted stock dipped 32 percent, from $6.8 million two years ago to $4.6 million, according to SunTrust’s proxy filing. Wells did not receive a bonus in either 2008 or 2009.
Also seeing their compensation shaved were SunTrust president William H. Rogers Jr., down 21 percent to $3.3 million; and CFO Mark Chancy, down 23 percent to $3.3 million.
| More articles in US Banker |
| Subscribe to US Banker |
Survey
Facebook's securities filings show its Facebook Credits digital currency business is exploding. Does it pose a serious threat to banks?
