It looks as if public outrage and shareholder sentiment against huge pay packages for bank CEOs who don't deliver the goods is finally starting to garner attention in the executive boardrooms of big banks all over the world.
Lousy business decisions and financial losses irk investors
The Wall Street Journal recently noted that board members at JPMorgan Chase
This new idea is catching on across the pond, as well. A new face at Barclays
Always slow to spot a trend, bailed-out insurance giant AIG
If true, the trend toward a more responsible attitude regarding pay and performance is certainly a breath of fresh air. Of course, it took stockholder revolts and massive scandals and losses to bring this change of heart about, but never mind. Banks are hopefully beginning to realize that they are nowhere without their shareholders, and that they need to listen to their concerns if the sector is to survive in a post-crisis world. Even where banks are concerned, it's better late than never.
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Fool contributor Amanda Alix owns no shares in the companies mentioned above. The Motley Fool owns shares of JPMorgan Chase and Citigroup. Motley Fool newsletter services have recommended buying shares of AIG. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days. The Motley Fool has a disclosure policy.