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August 10, 2005
Most overpaid bank execs
Ten million may sound like chump change when it comes to compensation in the finance world. But according to research firm SNL Financial, based in Charlottesville, Virginia, that's the amount that the most overpaid banking executive took in -- overpaid as measured against the bank's financial performance, that is.
The top of the list of "overpaids" was Thomas Wu, CEO of UCBH Holdings. Adjusted for options, his compensation was $9.99 million in 2004. Ranking second was William Ryan, CEO of TD Banknorth, who earned $8.69 million. No. 3 earned "just" $3.79 million. That was James Herbert of First Republic Bank.
Here's SNL's report, titled, "It's good to be the king: Executive compensation for 2004."
The report also includes the list of the most underpaid banking CEOS. No. 1 on that list was Norimichi Kanari, of Union Bank of California, who earned $642,528 in 2004. Get that man a raise!
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Base on the method the criteria and weighting lead to the ranking of position is rather subjective. As it is stated in the report, "Given the methodology that we use, the relative position of executives on this list is less significant than the fact that they are on the list in the first place."
So the pity fellow Thomas Wu may not be the top among the overpaid... :)
Posted by: chen tong at August 18, 2005 12:55 PM