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After John Thain Wachovia CEO Robert Steel says no to bonuses for 2008.
By Amarendra Bhushan for CEOWORLD Magazine Updated:December 10, 2008
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Wachovia Corp. Chief Executive Officer Robert Steel will not be receiving a bonus for this year, according to media reports. Citing company spokeswoman the reports noted that Steel will not be paid a bonus.
Steel now joins the list of executives who are forgoing bonusses, including Merrill Lynch chief executive John Thain.
Reports on Tuesday indicated that Steel, who took over as CEO of the beleaguered bank in July 2008, declined an annual bonus. Steel is overseeing the sale of the company to Wells Fargo & Co. (WFC: News ), which agreed in October to buy Wachovia for $15.1 billion in stock.
Steel was named Wachovia’s CEO, President and member of the Board of Directors in July 2008 following the ouster of the former CEO Kennedy Thompson. Prior to joining Wachovia, Steel served as Under Secretary for Domestic Finance with the U.S. Department of Treasury, a role he assumed in October 2006. Earlier, Steel retired from Goldman Sachs Group Inc. (GS) as a vice chairman in February 2004, after a long and distinguished career there, which began in 1976.
The decision of giving or denying executive bonuses assumes great importance in the current economic and financial scenario, as many Wall Street firms have taken the decision to curtail their expenditure on executive compensation amid a slew of job cuts. Wall Street firms, with their fat paychecks, are being seen as the trigger mechanism that fueled the credit crisis that eventually dragged the economy into recession. As Wall Street firms line up for Government assistance in the unstable economic environment, the hefty bonus, if paid, would look incongruous.
New York Attorney General Andrew Cuomo has demanded that nine banks that received $125 billion of taxpayer money furnish details about their bonus plans. The nine banks include Bank of America Corp. and Wells Fargo.
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