Rochester, NY 8/25/2009 11:39:08 PM
PNC Financial Services Group Inc. PNC, PNC is raising salaries for top Executive in March
PNC Financial Services Group Inc. PNC
PNC financial corporation which accepted $7.6 billion in U.S. rescue funds,is raising salaries for top executives after cutting their total compensation by more than 10 percent in March. The bank, the fifth-largest by deposits, increased the salaries of its chief executive officer, president and senior vice chairman. The lender’s finance officer and vice chairman also will get raises.
He raises, to be paid “entirely in the form of stock units,” brings salary to $3.5 million, the Pittsburgh-based bank said in a regulatory filing today. PNC had anticipated paying Rohr $1 million in salary, according to a March filing.
“These actions were taken to address the impact on PNC executive compensation of the Interim Final Rule on TARP Standards for Compensation and Corporate Governance issued in June 2009 by the U.S. Department of the Treasury,” PNC said in its filing. The rules spell out a “prohibition on the payment or accrual of bonuses (including equity-based incentive compensation) to the five ‘senior executive officers.’”
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