BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Investments - Private
- Features/Scandals
- Companies
- Technology/Internet
- Rules & Regulations
- Crimes
- Investments
- Bad Advisors
- Boiler Rooms
- Hirings/Transitions
- Terminations/Cost Cutting
- Regulators
- Wall Street News
- General News
- Donald Trump & Co.
- Lawsuits/Arbitrations
- Regulatory Sanctions
- Big Banks
- People
TRENDING TAGS
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
ABOUT FINANCIALISH
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
SUBSCRIBE FOR
NEWSLETTERS & ALERTS
Ousted BofA Execs Finalize Parting Gifts
October 10, 2011
After being ousted from BofA, former execs Sallie Krawcheck and Joe Price will receive $6mn and $5mn, respectively, under newly signed agreements smoothing their departures from the bank.
In the documents, filed with the SEC, both executives are promised “installment payments” equivalent to their annual base salaries — $850,000 apiece, paid out over the next year — as well as a “one-time supplemental lump sum payment” of $5.15mn for Krawcheck and $4.15mn for Price.
By contrast, Krawcheck received total compensation of $6.2mn last year and $1.9mn in 2009, according to the bank’s regulatory filings. Price received $917,027 last year and $6.1mn the year before.
In their final agreements with the bank, both executives agreed not to take jobs with competing companies or recruit Bank of America employees for a year. They also promised not to badmouth their former employer. Violating the agreement could let the bank cut off their installment payments.
The two agreements have a few curious differences. A sentence in Price’s reserves his “ability to bring an action to enforce the terms of this agreement”; no equivalent language appears in Krawcheck’s agreement. Krawcheck’s agreement, meantime, twice explicitly reserves her right to indemnification, while Price’s raises the issue just once.
The two agreements are mum on the subject of cashing out equity awards to the two executives. Stock options and restricted stock often make up the biggest rewards for executives shown the door, and previous Bank of America filings suggested Krawcheck could receive as much as $4.6mn from cashing in stock she held as of the end of December. [Dealbook, 10/7/11]

