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."
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]