PNC Financial Services Group Inc., having repaid its government bailout funds, has scaled back the salaries of its top executives in favor of paying its top bankers through an incentive-based award plan, according to a regulatory filing.
In August of last year, PNC and other banks sharply raised the salaries of top executives after the Treasury Department placed restrictions on bonuses paid to executives at banks that accepted public funds through the Troubled Asset Relief Program, PNC repaid its Tarp funds earlier this year.
According to a Tuesday filing with the Securities and Exchange Commission, PNC will return to paying executives with cash salaries and stock-based awards whose value will depend on the Pittsburgh company's performance.
Before PNC raised executives' salaries last year, Chief Executive James Rohr received an annual salary of $1 million.
According to the filing, PNC's personnel and compensation committee also awarded Rohr 225,000 stock options, but didn't specify a value of that award.