Consumer banking

New York Community Shareholders Reject Executive Pay

By Andy Peters June 09, 2014, 9:01 a.m. EDT 1 Min Read

Community banking

Bank Chief Executive Compensation: The Numbers in Detail

Banker compensation trends were mixed last year, particularly among the nation's largest institutions. Average CEO compensation at the nation's four largest banks rose 10% in 2013, compared to a year earlier, based on data from governance watchdog GMI Ratings. However, CEO compensation fell 16%, on average, at other banks with assets of at least $50 billion.

May 13

New York Community Bancorp (NYCB) shareholders rejected compensation packages for its executives in a nonbinding vote last week.

The $47.6 billion-asset company said in a regulatory filing Friday that about 53% of the shares that were voted in its proxy rejected the executive pay plans in a nonbinding vote. Shareholders representing about 90% of its outstanding common stock cast ballots at the Westbury, N.Y., company's annual meeting on Wednesday.

New York Community did not issue a comment in response to the vote.

Joseph Ficalora, president and chief executive, received total compensation of about $9.8 million last year, according to the company's proxy statement. That amount would rank Ficalora ahead of the CEOs of PNC Financial Services Group (PNC), Fifth Third Bancorp (FITB) and KeyCorp (KEY), all banks that are larger as measured by assets.

Also in the proxy's voting results, shareholders also elected three directors to three-year terms and approved KPMG as auditor.

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