Ousted Bank of America Officer Gets $6 Million
As my readers know from my posts, I keep up with the market and the goings-on of Wall Street. If and when the below news about former Bank of American executive Sallie Krawcheck (hired by BAC from Citibank) gets any publicity, BAC debit card users and the growing crowds protesting Wall Street are not going to be happy campers.
Recognizing that the younger generation doesn't know a paper check just as many would not recognize a typewriter, BAC's recent announcement that it will charge most customers who use their debit cards for purchases a flat $5 monthly fee starting next year didn't go over very well.
And also although many of the talking heads are lampooning the Occupy Wall Street movement as a bunch of marginal freaks, some in this movement surely recall that it was the banks that got bailed 0out as the rest of us left holding the bag, and that we will be required -- along with our great, great grandchildren will be required -- to pay for it.
And for full disclosure: I never thought Ms. Krawcheck other than her looks was that hot of a commodity anyway (her primary asset was being a female in the male dominated world that pervades Wall Street), and now to read this.
From The Wall Street Journal:
Former Bank of America Corp. executive Sallie Krawcheck will receive $6 million after leaving the bank following a management reshuffle last month.
Ms. Krawcheck, one of the most prominent female executives at a financial firm, ran Bank of America's global wealth and investment management unit, which included U.S. Trust and the Merrill Lynch brokerage unit. But she lost out amid a reshuffling of the top ranks by Chief Executive Brian Moynihan.
She will receive a salary of $850,000 and a payment of $5.15 million, according to a Securities and Exchange Commission filing.
348,509 previously granted restricted stock units will continue to vest in 2013; those were valued at $2.1 million based on Friday's $5.90 closing price of Bank of America's stock.
Recognizing that the younger generation doesn't know a paper check just as many would not recognize a typewriter, BAC's recent announcement that it will charge most customers who use their debit cards for purchases a flat $5 monthly fee starting next year didn't go over very well.
And also although many of the talking heads are lampooning the Occupy Wall Street movement as a bunch of marginal freaks, some in this movement surely recall that it was the banks that got bailed 0out as the rest of us left holding the bag, and that we will be required -- along with our great, great grandchildren will be required -- to pay for it.
And for full disclosure: I never thought Ms. Krawcheck other than her looks was that hot of a commodity anyway (her primary asset was being a female in the male dominated world that pervades Wall Street), and now to read this.
From The Wall Street Journal:
Former Bank of America Corp. executive Sallie Krawcheck will receive $6 million after leaving the bank following a management reshuffle last month.
Ms. Krawcheck, one of the most prominent female executives at a financial firm, ran Bank of America's global wealth and investment management unit, which included U.S. Trust and the Merrill Lynch brokerage unit. But she lost out amid a reshuffling of the top ranks by Chief Executive Brian Moynihan.
She will receive a salary of $850,000 and a payment of $5.15 million, according to a Securities and Exchange Commission filing.
348,509 previously granted restricted stock units will continue to vest in 2013; those were valued at $2.1 million based on Friday's $5.90 closing price of Bank of America's stock.
posted by Sid Cottingham | 10:17 AM
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