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Citigroup boosted CEO Michael Corbat's pay to $23 million, even as the bank failed to meet the CEO's own profitability goal for a third straight year, and as it reported a full-year net loss of $6.2 billion due to the write-off of tax credits that management had touted as a competitive advantage.
The Goldman Sachs board of directors gave CEO Lloyd Blankfein a 9% pay raise in 2017 to $24 million, even as the firm turned in its worst performance in years.
Both banks should hold up well if price pressures continue to heat up.
Increased volatility has made investors more anxious, says a survey.
Last week's market drop rattled investors with concerns about rising inflation and interest rates. Yet with the economy progressing at a slower pace than in past cycles, there's plenty of time left to profit from bank stocks like JPMorgan, Bank of America and Citigroup, typically among the biggest beneficiaries of economic growth, argues Sandler O'Neill.