yes - $4,850,000,000 in 2008.
Brief scrutiny of today's headlines
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Here's yet another firm that refuses to believe that executive compensation should reflect company performance: Prior to accepting federal bailout money, SunTrust Bank (STI) granted CEO James M. Wells III a massive pay raise.
According to a proxy filed this Monday with the Securities and Exchange Commission, the company's board of directors raised Wells' total compensation over 75%, to almost $8.1 million.
Last year, Wells' base salary jumped 7.7%, to roughly $1.1 million; he also received stock options worth $2.1 million and restricted shares totaling $4.7 million.
Given the fact that SunTrust stock dropped 54% in 2008, and an additional 63% since the new year, company spokesperson Mike McCoy assured USA Today that the proxy overstates the current value of Wells' compensation. The stock options and restricted shares were granted a year ago, when shares were fetching $64.58. * STOCKS * RELATED ARTICLES * ALSO BY... STI 16.06 +0.38 (+2.42%)
F 4.14 +0.10 (+2.48%)
C 4.03 +0.06 (+1.51%)
AFL 26.24 +1.13 (+4.50%)
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Attemping to put a positive spin on the situation, McCoy stated, "Obviously, our stock has declined significantly since then."
It's true: The $4.7 million worth of restricted shares are estimated at $560,012 as of last week, according to the Associated Press. However, the company's profit and return on equity didn't reach year-end goals in 2008 and earned less than half of 2007's $4.55 per share - thus putting the justification of any base pay hike into question.
The heads of Ford (F), Citigroup (C) and Aflac (AFL) have all implemented slashed salaries, citing lower stock values.
Apparently, both Wells and SunTrust think they're a bunch of cowards.
http://bailout.propublica.org/entities/457-suntrust
No. It is a solid bank run by conservative Spaniards and Southerners.
yes
Yes. $7 billion
Suntrust Mortgage Inc is a division of SunTrust Bank.
The Citi group bailout was agreed for $45Billion same as the Bank of America bailout. The numbers about who got what and how they are spending it are pretty much a secret.
No. It is a solid bank run by conservative Spaniards and Southerners.
yes What was the total amount of money that Discover Bank received from the Economic Stimulus (bailout) plan?
yes
What is the swift code for Suntrust Bank
Yes. $7 billion
Suntrust Mortgage Inc is a division of SunTrust Bank.
The Citi group bailout was agreed for $45Billion same as the Bank of America bailout. The numbers about who got what and how they are spending it are pretty much a secret.
The routing number for SunTrust Bank in Georgia is 061000104.
Yes, Suntrust Bank does offer rewards. It is easy to find the rewards if one goes to the official website of Suntrust Bank and look for "Rewards and Cashback".
SunTrust online banking features services provided by affiliates of SunTrust Banking Inc. These include SunTrust Bank, SunTrust Investment Services Inc., and Ridgeworth Capital Management Inc.
Search for "suntrust bank" in the international bank code directory http://www.bankers-telenet.com/guided-search/
To open an account with Suntrust Bank's online banking, you can sign up in two different ways. You can sign up online using Suntrust Bank's sign up page, or using self-enrollment; however, that is if you are already an existing Suntrust Bank customer.