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Thursday's Headlines: Finance CEO pay up average of 26%

BlackRock's stock fell 16% last year, but its chairman and CEO Laurence Fink, took home $23.8 million in 2010, topping Bloomberg's ranking of top-paid financial executives, according to this story . Prudential's John Strangfeld came in second with $22.6 million, while insurer AON came in third by paying its head Gregory Chase $20.8 million. Average compensation for Finance 50 CEOs who held the same job in 2009 rose 26% to $11.5 million in 2010 after falling for two years.

The Bloomberg article quotes one recruiter: "The big pay raise marks an end to a period when financial executives and their boards retreated in the face of withering criticism from Congress, shareholders and the media. Most shareholders and most taxpayers have short memories."

Other news:

Barclays is looking to unload its private equity business. [Forbes]

Morgan Stanley's wealth management division will give financial advisors access to Twitter. [NY Times]

Deutsche is under fire for failure to name a successor to its current CEO, and for its pay structure.[Financial Times]

BofA, Wells Fargo and JP Morgan Chase are racing into the growing battle over how consumers make payments by launching a PayPal competitor. [WSJ]

The Maple Group went hostile Wednesday with its $3.7 billion bid for TMX Group, the parent of the Toronto exchange. [DealBook]

Perennial China Retail Trust raised $630 million in an initial public offering. [BusinessWeek]

UBS is considering moving its investment bank to New York, London or Singapore. [WSJ]

Citi continues to lose on corporate lending fees after exodus of top brass. [BusinessWeek]

ING received a bid for its Latin American insurance assets from Banorte Group. [Bloomberg]

Opinion: Doubts about the value of Wall Street-style investment banking. [Forbes]

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AUTHOREmma Johnson Insider Comment
  • An
    Anne
    30 May 2011

    Barclays is unloading its private equity business! Such a shame, I wanted to work for them.

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