Bank execs pass on big bonus

Azerbaijan News.Net
Tuesday 6th January, 2009

Bank of America's top executive has said he will take no bonus for last year’s performance, neither will he recommend any for other executives.

In view of the problems hitting the banking sector, CEO Ken Lewis said it had been a difficult decision as executives had worked hard and made progress on many projects to create value for the company.

Lewis made the recommendation to the company's board of directors where he revealed the bank’s
2008 performance would be below expectations.

He noted the bank's stock has slid 66 percent and it had cut its dividend by 50 percent.

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