Wells Fargo's Mike Mayo says shareholders need to hold State Street's top executives accountable for weak results
Widely regarded banking analyst Mike Mayo of Wells Fargo is calling out top executives at State Street.In a research note issued after State Street's earnings were released Tuesday morning, Mayo writes"STT needs to improve pay-for-performance and management accountability, especially after the release of 2019 proxy and disappointing first quarter 2019 and decade to date results."
Specifically Mayo goes after the pay package of former CEO and current chairman Jay Hooley who reportedly made $141 million dollars over nine years"despite missed targets and worst in class stock price performance.
State Street did not return repeated requests to comment on Mayo's note, but in the testimony before the House Financial Services Committee April 10th, O'Hanley had this to say about State Street's pay packages:"State Street unequivocally supports equal pay for equal work.
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