http://www.bloomberg.com/apps/news?pid=20601087&sid=aAM8enZGH8Gs
The news triggered debate about the government’s reach into private industry, whether pay reductions would spread to other companies and if a talent drain from U.S. firms would ensue.
Give it time...
Showing posts with label paycuts. Show all posts
Showing posts with label paycuts. Show all posts
Friday, October 23, 2009
Wednesday, October 21, 2009
U.S. Said to Order Deep Pay Cuts at Bailed-Out Companies
http://www.cnbc.com/id/33417281
Under the plan, which will be announced in the next few days by the Treasury Department, the seven companies that received the most assistance will have to cut the annual salaries of their 25 best-paid executives by an average of about 90 percent from last year. Their total compensation — including bonuses and retirement contributions — will drop, on average, by about 50 percent. The companies are Citigroup, Bank of America, American International Group, General Motors, Chrysler and the financing arms of the two automakers.
Let the mass exodus of talent begin.
Under the plan, which will be announced in the next few days by the Treasury Department, the seven companies that received the most assistance will have to cut the annual salaries of their 25 best-paid executives by an average of about 90 percent from last year. Their total compensation — including bonuses and retirement contributions — will drop, on average, by about 50 percent. The companies are Citigroup, Bank of America, American International Group, General Motors, Chrysler and the financing arms of the two automakers.
Let the mass exodus of talent begin.
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