Can banks help rescue country without undercutting themselves?
By Laura Alix, Jon Prior, Allissa Kline
Focused as they are on the economic blow dealt by the coronavirus pandemic, bankers are equally mindful of what came before it and the uncertainties that lie ahead. …When it comes to compensation decisions, bankers should not forget “the bipartisan fury and popular uprising” that followed when AIG gave senior management a raise in 2009, says Karen Petrou, managing partner of Federal Financial Analytics. “If any executives are deemed to be living extravagantly while the rest of the country is again facing acute personal hardship, that will not go down well,” she said. “We have had a decade of inequality since the crisis, and the country is even more aligned to be very, very angry.”