Despite strong performance, BB&T will not pay bonuses to members of executive team

http://finance.yahoo.com/news/Despite-strong-performance-prnews-14212733.html ^

[jern]

WINSTON-SALEM, N.C., Jan. 30 /PRNewswire-FirstCall/ -- BB&T Corporation (NYSE: BBT - News), which earned $1.5 billion in net income in 2008, said today that members of its executive team will not receive annual bonuses under its short-term incentive plan.

"We have traditionally set very difficult goals, and although we are among the top performers in the financial industry in 2008, we did not earn a bonus based on our targets," said Chief Executive Officer Kelly S. King. "This has been an extremely difficult economic environment, even for well-capitalized and profitable financial institutions."

[IMissPresidentReagan]

Sucks for the people who performed the job duties, but demonstrates sound business decision on behalf of the company.

[RegulatorCountry]

The old, Moravian values of thrift and ingenuity, formerly exhibited in the banking world by Wachovia (before it was taken over by First Union, headquarters moved from Winston-Salem to Charlotte, and promptly flushed right down the toilet, that is) are alive and well at BB&T.

[Between the Lines]

BB&T is one of the few banks that survived the Great Depression. It looks as if they intend to be around after this shakeup too.

[meowmeow]

BB&T is one of the few banks that survived the Great Depression. It looks as if they intend to be around after this shakeup too.

Isn't this your bank?

[Coldwater Creek]

BB&T did right by the stockholders. Raised the dividend this quarter.

[junkman_106]

BB&T raised their dividends on the backs of their user/members. I had an account with them because my job wrote paychecks on a BB&T account until the the bank started charging ME to cash/deposit my check! Canceled that account quickly!

[kb2614]

Yes.

[Coldwater Creek]

What can I say? I’ve been a stockholder from day 1.

[AppyPappy]

Since Mr Allison?

[Coldwater Creek]

Since the initial IPO. About 15 years.

[org.whodat]

Sucks for the people who performed the job duties, but demonstrates sound business decision on behalf of the company.

No it doesn't, they are very well paid, if not over paid and if they don't like, not getting a bonus, well the front door is not locked.

[IMissPresidentReagan]

Who decides what is “over paid” and what isn’t?

[org.whodat]

The last I heard it was the owners, but in today corporation it is a board appoint by the ceo. Corporations were invented and made legal so that large under takings could be started and the risk spread amount the many investors who would share in the profit if any. Today it is a piggy bank for the management.

[wardaddy]

fair enough but from what I know, BBT largely missed the red line home loan debacle

[VideoDoctor]

Definite screw job for these guys who helped generate 1.5 billion dollars in profit. They are entitled to their just rewards.

[Doohickey]

That’s not true. Most banks survived the depression. 90% of the bank failures back then were the result of other government interference - unit banking laws - that prevented them from opening branches or diversifying their portfolios.

[RockinRight]

I can’t think of any reason they’d charge you to cash a check drawn on them if you had an account there as well.

[junkman_106]

Policy change. Bank is not doing so well? All of the members at my job got the same hit and the CFO was talking change when I left over a year ago. Banks are just in it for the money, you know.