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Wells Fargo Grabs Back $75M From Ex-Execs

Former CEO John Stumpf to lose $28M more, Carrie Tolstedt $47.3M in stocks

(Newser) - New developments in the Wells Fargo sales scheme emerged Monday, with an investigative report from the bank's board noting that $75 million in compensation will be clawed back from two former executives, including ex-CEO John Stumpf , the New York Times reports. After a six-month probe into the scandal that... More »

Suicides in Swiss Business World Rock Nation's Rep

'I am tired' is common refrain of financial sector execs

(Newser) - Envision moving to Switzerland, and pleasant images of a moneyed high life may arise. But reality in the Swiss business world may not be in keeping with what Reuters calls the country's "picture postcard image," especially after a recent string of suicides among top executives there. Martin... More »

Apple Dumps Map-App Exec

Scott Forstall gets the boot after software 'blunder'

(Newser) - Apple dropped two of its top executives today in the wake of embarrassing software mistakes and criticism over cuts in retail staffing, Reuters reports. Software chief Scott Forstall—once considered a future replacement for Tim Cook—will depart next year and remain as an adviser to Cook until then. Forstall... More »

Barclays' New CEO: 'Mild-Mannered' Non-Banker

Antony Jenkins brings fresh take, but lacks investment banking experience

(Newser) - Barclays named a new CEO today after a surprisingly brief search, and he couldn't be more different from outgoing CEO Robert Diamond. The Wall Street Journal describes new boss Antony Jenkins as a "mild-mannered Brit," while Fox Business calls him "soft spoken," in sharp and... More »

24% of Wall Street Execs: We Need to Break the Law

New survey finds many consider illegal or unethical behavior necessary

(Newser) - Well, this explains a lot: A new survey of 500 senior Wall Street executives found that 24% said that unethical or illegal behavior was not only acceptable, but even necessary in order to achieve success in their business. Other highlights from the survey, conducted by whistleblower law firm Labaton Sucharow,... More »

Quitting Exec Rips Goldman Sachs for Screwing Clients

Ex-executive director Greg Smith has choice words for Blankfein's Goldman

(Newser) - Goldman Sachs executive director Greg Smith resigns today, and he's not going quietly. In a scorching New York Times op-ed, Smith says that after almost 12 years at Goldman, "the environment now is as toxic and destructive as I have ever seen it." Goldman's culture once... More »

To Bust Glass Ceiling, EU Weighs Gender Quotas

Just 13.7% of major firms' boards are female

(Newser) - Only one in seven board members at Europe's biggest firms is female, and the EU Justice commissioner aims to change that. "Self-regulation so far has not brought about satisfactory results," Viviane Reding says. She's begun a public consultation on how to address the matter, and legislation... More »

Execs Busted for 'Office Babe' Email

PricewaterhouseCoopers men aimed to rank 'top10'

(Newser) - Accounting behemoth PricewaterhouseCoopers is roiling in controversy after a group of executives distributed a photo-heavy email ranking the top babelicious workers in the Dublin office. "We are taking this matter extremely seriously and are launching a full investigation," said a company spokesman of the email, distributed among 17... More »

Monks Seek to Recruit High-Flying Execs

Ad campaign offers stressed bankers a different life

(Newser) - Unlike most ads in Switzerland's leading "executive search" magazine, a prominent one that appeared over the weekend was most notable for what it promised candidates they wouldn't get. Bankers-turned-monks will enjoy a life "free of personal material riches and a couple relationship," read the ad from the... More »

Bonuses at Morgan Stanley, JPMorgan, Goldman Hit $30B

Average payout will be five times median household income in US

(Newser) - Recession? What recession? Some Wall Street firms are not feeling any pain this year as record bonuses at just three of the top firms are likely to hit an eye-popping $30 billion. Goldman Sachs, Morgan Stanley and JPMorgan Chase, the three biggest banks to be bailed out by the feds,... More »

Exec Pensions Soared as Stocks Tanked

Multi-million-dollar payouts escape pay watchdog scrutiny

(Newser) - Steep increases in the pensions of top execs passed largely unnoticed amid the recent uproar about pay and bonuses. The average pension for a top executive rose 19% last year even as share prices fell by an average of 37%. More than 200 execs saw pensions boosted by over 50%... More »

Manage Like a Marine

Officers outline similarities between Iraq and the office

(Newser) - Marine officers Timothy Saint and Nicholas Smith "learned a lot about leadership and management that we wish someone had told us as boot lieutenants" during their service in Iraq, and most of it applies to young managers in the corporate world. They provide some guidance on Business Insider :
  • Listen
... More »

Bailed-Out Banks Boost CEO Perks

From private jets to bodyguards, they just keep taking

(Newser) - The CEOs of bailed-out banks and financial companies saw their perks and benefits—ranging from private jet use and country club membership to free parking and bodyguards—rise even at the height of the crisis last year. On average, the CEOs of the 29 biggest companies that received federal money... More »

Wells Fargo Fires Exec Who Squatted at Malibu Pad

Senior VP Cheronda Guyton used house that belonged to Madoff victims

(Newser) - Wells Fargo said today it has fired the executive who turned a seized California beachfront mansion into a personal playground, the Los Angeles Times reports. Neighbors say they saw Cheronda Guyton staying in the $12 million Malibu Colony property, which had been turned over to the bank by a couple... More »

Social Security Suffers as Execs' Pay Soars

Top-paid workers get a third of total US pay

(Newser) - Executives and other employees earning top dollar pull in more than a third of all US pay, the Wall Street Journal finds—and the ceiling on compensation subject to payroll taxes hasn’t risen enough accordingly, meaning the government isn’t bringing in what’s needed to plug ever-growing holes... More »

Bailed-Out Bank Execs Fly Corporate Jets to Resorts

Citi, BoA, Morgan Stanley CEOs jetted off after cash infusions

(Newser) - Executives at bailed-out banks are still using company jets to fly to vacation homes and resorts, the Wall Street Journal reports. The newspaper reviewed FAA records to find that banks receiving federal aid have flown top execs to locales such as the Caribbean, Aspen, and Europe. Case in point: Less... More »

Some Bank Bosses Face Axe: FDIC Chief

After feds' stress tests comes 'evaluation process,' Bair says

(Newser) - An “evaluation process” following banks’ stress tests will lead to the sacking of some execs, Federal Deposit Insurance Corp. chair Sheila Bair tells Bloomberg. “Management needs to be evaluated,” she noted. “Have they been doing a good job? Are there people who can do a better... More »

Freddie Mac CFO Found Dead in Apparent Suicide

(Newser) - Acting Freddie Mac CFO David Kellerman was found dead this morning in what appears to have been a suicide, the Washington Post reports. Kellerman, 41, joined Freddie Mac as an analyst in 1992. He was promoted to CFO when the government took over Freddie last fall, but the company, which... More »

Taxpayers Must Become Activist Investors: Icahn

What the government did at GM should be a lesson: get rid of bad leadership

(Newser) - Barney Frank was right when he said a retention bonus is “a nice word, it turns out, for extortion,” writes Carl Icahn for the Huffington Post. “Very few managers are irreplaceable, especially in this economy”—so why do they get paid extra to stay with a... More »

AIG Execs Should Quit or Commit Suicide: GOP Senator

Grassley urges bosses to follow 'Japanese model' and fall on their swords

(Newser) - AIG's bigwigs should follow the "Japanese example" for shamed executives and fall on their swords, Iowa Sen. Charles Grassley believes. The Republican lawmaker told a local radio program that  the bosses responsible for running the business into the ground should bow before the American people and apologize, reports ABC.... More »

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