Kevin Kabat, the chairman and chief executive of Fifth Third Bancorp, has joined the ranks of executives recommending that the Cincinnati company forgo merit-based raises and bonuses for top executives.
A Fifth Third spokeswoman said Mr. Kabat plans to make a formal proposal to the board next week that the company's top 50 executives not get additional executive compensation for 2008.
The $116 billion-asset Fifth Third has posted losses in its last two quarters. It will report its fourth-quarter and full-year financial results on Jan. 22.
