Compliance

08:42 AM
Connect Directly
RSS
E-Mail
50%
50%

No Salary, Bonus for Ken Lewis

Bank of America CEO Kenneth Lewis will receive neither a salary nor a bonus for 2009—a decision arrived at by U.S. government pay czar Kenneth Feinberg.

According to a Bloomberg report, "Lewis felt that it was not in the best interest of Bank of America to get involved in a dispute with the pay master," spokesman Robert Stickler said yesterday in an interview.

Lewis has been taking heat for the controversial takeover of Merrill Lynch for not disclosing bonuses and losses to shareholders before the acquisition. He is at the center of investigations by the SEC, various states attorneys general and Congress.

Lewis' base salary was $1.5 million for the past three years. Due to Feinberg's ruling, he must return wages already received in 2009, Stickler said. He declined to comment on whether Feinberg is seeking to reduce Lewis's approximately $125 million of retirement benefits accumulated in 40 years at the company, said Bloomberg.

The entire article can be found at Bloomberg.com.

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology Dec. 2, 2014
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.