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News of the Competition (01/07/2013)
MADISON, Wis. (1/7/13)
  • Some community banks are increasing CEO salaries and compensation before the financial institutions file their proxy statements. Glacier Bancorp in Kalispell, Mont., and F.N.B. Corp. in Hermitage, Pa., are among the financial institutions whose boards have approved salary hikes for their top executives (American Banker Jan. 4). CEO compensation increased in 2012 from a year earlier at Pulaski Financial in St. Louis and Meta Financial in Sioux Falls, S.D., according to disclosures. Bank CEO salaries could increase up to 4% this year, according to a survey by the consulting firm Pearl Meyer & Partners …
  • Treasury Inspector General Eric Thorson gave JPMorgan Chase & Co. a Jan. 11 deadline to turn over documents to the Office of the Comptroller of Currency (OCC) investigating the bank's ties to Bernard Madoff's Ponzi scheme or risk sanctions for blocking the agency's oversight (Bloomberg Jan. 4). JPMorgan contends the information is protected by attorney-client privilege. In a letter sent Dec. 21 to JP Morgan, the inspector general said the OCC could not do its work if banks were allowed to withhold information on that basis. In March 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars …
  • In an e-mail sent to its customers, PNC Bank apologized for disruptions caused both by the ongoing cyberattacks on its website and the bank's own attempts to block the attacks. The e-mail advises customers experiencing problems to use other channels, such as branches, ATMs, or phone banking (American Banker Jan. 4). PNC's website has been hit with a volume of traffic "consistent with threatened cyberattacks," according to the e-mail. The banks' efforts to fend off the attacks may also have blocked access to "a small percentage" of legitimate customers, the e-mail said. PNC reassured its customers that their accounts and personal data are safeguarded by encryption software …


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