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Friday, February 25, 2011

Banks Boosts CEO Pay by 34% as Bailout Loans Go Unpaid

SunTrust Banks Inc., the Georgia lender that has yet to repay $4.85 billion in taxpayer bailout funds, reported a 34 percent increase in Chief Executive Officer James Wells’s 2010 compensation.

Wells’s total $10.3 million included $4.5 million in pay to be collected later, primarily boosted by the changing value of his pension benefits, the bank said today in a regulatory filing. He received $4.6 million in stock, more than three times as much as the previous year, it said. His salary was unchanged at $1.1 million, and he didn’t get a cash bonus or stock options. The bank reported a $3.3 million option award for 2009.

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