3 Things That Could Move Financial Stocks Today
NEW YORK (TheStreet) - Here's the news and headlines that could move financial stocks today.
Bank of America(BAC) CEO Brian Moynihan saw his pay in cash and stock jump to $8.1 million in 2011, according to the bank's annual regulatory filing with the Securities and Exchange Commission.
According to disclosure by the bank's compensation and benefits committee, Moynihan's pay was actually $7 million, including $950,000 as base salary and $6 million in restricted stock units.
The CEO's salary trailed that of three other BofA executives: Thomas Montag, Bruce Thompson and David Darnell got $12 million, $10 million and $8 million respectively.
Goldman Sachs(GS) is holding its annual board meeting in India, in a sign of its growing commitment to the country and the region.
Even though CEO Lloyd Blankfein and other executives are half a world away, they might not be able to escape the scrutiny they have received in recent weeks.
On Wednesday, the company reached a deal with a leading union pension fund to appoint a "lead" director, temporarily staving off calls to remove Lloyd Blankfein from the post of Chairman and replace him with an independent director.
Blankfein holds both the CEO and Chairman positions at Goldman Sachs. Previous calls to separate those roles to reduce potential conflicts of interest have been shot down by shareholders.
Goldman's reputation has come under attack in recent weeks, following the public resignation of a former employee who accused the firm of putting money before clients' interests. That has once again raised the pressure on the investment bank to address its corporate governance practices.
Shareholders will vote in the firm's annual meeting in May on a proposal to replace Blankfein as independent chairman. According to the reports, management has held discussions about reducing the role of Blankfein to Chairman and promoting COO Gary Cohn to the chief executive position if the union's proposal is passed.
JPMorgan Chase CEO Jamie Dimon continues to feel optimistic about the economy. In an interview with CNBC, Dimon said the U.S. no longer faced the risk of a double-dip recession.
He also said that the housing market was at an "inflection point" and should recover as the economy improves.
A recovery in housing will be a major positive for bank stocks. Banks are still dealing with elevated mortgage costs as they deal with a continuing onslaught of mortgage-related lawsuits, increasing cost of servicing and a high foreclosure inventory.
Written by Shanthi Bharatwaj in New York.