BlackRock Inc. Chief Executive Officer Larry Fink told investors on a conference call in January last year that the world’s biggest money manager was “very well positioned” for 2010. At the end of the year, the market sent a different message: New York-based BlackRock’s total share return was negative 16 percent, while the Standard and Poor’s 500 Asset Management and Custody Bank Index rose 13 percent.
Kenneth Feinberg , the paymaster at companies rescued by the U.S. Treasury, recently cut cash compensation for executives at American International Group Inc. and General Motors Co. He said some companies are buying into his credo of pay tied to performance.
In October 2010, private-equity baron Henry Roberts Kravis, in one of the grandest gestures of his life, pledged $100 million to his alma mater, Columbia Business School, to help pay for the expansion of its upper Manhattan campus. His ability to throw that kind of cash around was helped by the start of trading of his buyout company, KKR & Co., on the New York Stock Exchange three months earlier.
Todd S. Thomson , Citigroup Inc.’s former head of wealth management, lured a top Bank of America Corp. financial adviser with $5.9 billion in client assets to join a new business that caters to independent advisory firms.
Richard Fairbank, chief executive officer of Capital One Financial Corp., made $19.2 million last year, more than Goldman Sachs Group Inc.’s Lloyd Blankfein, as the heads of Main Street banks closed the Wall Street pay gap.
Bank of America Corp.’s David Darnell, the commercial banker put in charge of the lender’s Merrill Lynch brokerage, promised employees he’ll do anything including “get out of the way” to help them improve results.
A New York woman who was trapped in an elevator as it crushed another woman to death last month asked a court to order the Manhattan building’s owner and the elevator’s maker to preserve the accident scene.