Bank of America exCEO Ken Lewis finds a cause and other banking reads The Tell
Post on: 16 Март, 2015 No Comment
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80 degrees in NYC and sunny! Heres your Tuesday banking roundup: Higher pay for bank CEOs, the French say Non! to U.S. authorities, your voice could hold the key to accessing your bank account, and five years after leaving Bank of America, Ken Lewis resurfaces.
Heres more:
More money: Major global bank CEOs were paid on average 10% more last year. according to a new survey for the Financial Times by Equilar, an executive-pay research firm. Fifteen bank CEOs, including Goldman Sachs Group Inc.s /quotes/zigman/188479/delayed /quotes/nls/gs GS Lloyd Blankfein and J.P. Morgan Chase & Co.s /quotes/zigman/272085/delayed /quotes/nls/jpm JPM Jamie Dimon, took home on average $13 million. Six U.S. bank chief executives were among the seven best-paid bankers.
Bloomberg Brian Moynihan, CEO, Bank of America Corp.
Push back: French Foreign Minister Laurent Fabius spoke out on the hefty fine expected to be levied on BNP Paribas /quotes/zigman/132292/realtime FR:BNP by U.S. authorities. Frances biggest bank is being pressed to settle a criminal probe into alleged sanctions violations for $10 billion, but Frances Fabius said: If there is a violation of a rule, it is normal to have a penalty, but the penalty must be proportional and reasonable. These figures are not reasonable.
Probe expansion: Mexican authorities expanded their probe of Citigroup Inc.s /quotes/zigman/5065548/delayed /quotes/nls/c C Mexican unit Banamex, according to the Journal. The Mexican attorney general has issued arrest warrants for former bank employees and a judge has set bail at $6.2 million for the former head of the oil-services company Oceanografía SA.
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Easy access: Bank customers might soon be able to access their accounts using just their voice. Both U.S. Bancorp /quotes/zigman/278238/delayed /quotes/nls/usb USB and Wells Fargo & Co. /quotes/zigman/239557/delayed /quotes/nls/wfc WFC are looking into voice-recognition technology to be used for authentication, according to a report in the Star Tribune. Neither bank has committed so far, but they are testing the limits of the technology. U.S. Bancorp has said it could introduce the voice-recognition technology more broadly in 2015.
Bloomberg Ken Lewis, fmr. CEO of Bank of America Corp.
Grand plans: Bank of America Corp. /quotes/zigman/190927/delayed /quotes/nls/bac BAC CEO Brian Moynihan has spent the last four and a half years at the bank doing damage control, cost-cutting and extinguishing legal fires. A recent accounting error on the bank’s balance sheet was the latest setback for the bank and has delayed the payment of dividends to shareholders. Moynihan talks about his grand plans for the bank and how he hopes to build a lasting capability for its future in an article in Forbes.
Speaking of Bank of America: Five years after former CEO Ken Lewis was stripped of his chairmanship, hes keeping busy by investing in nonprofits. Lewis is reportedly involved with a small West Virginia-based nonprofit called New Vision Renewable Energy, which is focused on taking solar panel-generated electricity to underdeveloped countries, according to the Charlotte Business Journal. So far, Lewis has provided initial seed funding for several projects in Africa, including a project in a slum in Kiberia, Nairobi, a city with 1 million people living in 1 square mile.