Last year, Silicon Valley Bank CEO Greg Becker was paid nearly $10 million in total compensation while Signature Bank CEO Joe DePaolo received $8.6 million in total compensation.
Their wallets, for now, are safe.
The bank bosses fell through the cracks of federal rules for retracting executive pay, say some Washington officials who are pushing for changes. The Federal Deposit Insurance Corp. and Securities and Exchange Commission both have clawback authorities going back to the 2010 Dodd-Frank Act—enacted after the 2008 financial crisis—and through even earlier laws. But the agencies are unable to easily rescind pay from Silicon Valley Bank and Signature Bank leaders using their existing powers, which have no clear consequences for the banks’ managers.
Source: Failed Bank Execs Dodge Pay Clawbacks as Tougher Remedies Sought
