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MARKETWATCH reports: April’s sudden selloff in stocks intensified on Thursday, as investors worried about the Federal ...
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MARKETWATCH reports:
With the latest cut he has announced on his salary, Jean Pierre Mustier, the Chief Executive of UniCredit, Italy’s largest bank, will have shrunk his total compensation this year by 75%. Mustier is no newcomer to the practice, having already cut his pay when he embarked on a thorough restructuring of the bank’s business, which he has since made a much-lauded success story. Mustier also chairs the European Banking Federation, the trade body. The least that can be said is that he is leading by example. The question is whether he will now be followed by others.
So far, bankers haven’t seemed eager to rush into taking the same kind of decisions. One exception is Ana Botín, the executive chairman of Santander SAN, +2.87%, who had already announced that half her total pay this year would go to the Spanish bank’s medical coronavirus fund. Mustier’s own would-be pay is being donated to his bank’s foundation.
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