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Bankster's paradise: Another golden parachute for an outgoing failed bank CEO

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-04-11 08:03 AM
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Bankster's paradise: Another golden parachute for an outgoing failed bank CEO


(Reuters) Bank of New York Mellon Corp (BK.N) has agreed to pay $33.8 million in severance and benefits to Robert Kelly, who stepped down as chief executive this week after disagreeing with the board over how to manage the company.

Kelly, 57, will receive a $2 million in severance pay, as well as a prorated bonus targeted at $4 million, which will be adjusted based on Bank of New York Mellon's performance for the full year.

He will also be able to cash in on restricted stock awards for past service totaling $11.2 million and a bested supplemental pension annuity valued at about $16.6 million.

Kelly stepped down on Thursday in a surprise move due to what Bank of New York Mellon described as "differences in approach to managing the company." He was replaced by Gerald Hassell, the bank's 59-year-old president, who took over as chairman and CEO.


http://www.huffingtonpost.com/2011/09/03/robert-kelly-r...


............meanwhile............


(AP) - Bank of New York Mellon Corp. said Wednesday that it will cut about 1,500 jobs, or 3% of its work force, the latest sign of the banking industry's painful shrinking.

CEO Bob Kelly noted that the bank's revenue had been growing but added that "expenses have been growing unsustainably faster." The bank said it hasn't yet determined what types of jobs will be cut or where. It said it would try to minimize layoffs with a hiring freeze and by reducing the use of temporary workers, consultants and contractors.

The banking industry also resorted to layoffs during 2008 and 2009, as the financial crisis pummeled earnings and banks took government bailouts. But 2010 provided some relief, and banks even hired back some of their laid-off workers.

The banking industry has been cutting jobs again in recent months. Goldman Sachs Group Inc. and State Street Corp., among others, each announced last week that they would lay off about 3% of their work forces. ...........(more)

The complete piece is at: http://www.crainsnewyork.com/article/20110810/FREE/1108...




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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-04-11 08:33 AM
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1. ...
:mad:
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hobbit709 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-04-11 08:35 AM
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2. Too bad we can't turn that parachute into an anvil like in the cartoons.
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n2doc Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-04-11 09:33 AM
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3. Those packages should be taxed at 90% until the debt from the last crisis is paid off
Not that I'm expecting anyone to actually propose to do that. Much easier to cut SS and medicare.
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