The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Widely regarded banking analyst Mike Mayo of Wells Fargo is calling out top executives at State Street.
In a research note issued after State Street's earnings were released Tuesday morning, Mayo writes "STT needs to improve pay-for-performance and management accountability, especially after the release of 2019 proxy and disappointing first quarter 2019 and decade to date results."
State Street reported earnings of $508 million for the first quarter- a 23 percent drop from the same time period a year ago. Revenue dropped four percent.
Specifically Mayo goes after the pay package of former CEO and current chairman Jay Hooley who reportedly made $141 million dollars over nine years "despite missed targets and worst in class stock price performance."
Hooley left his job as CEO late last year but remains chairman of the board.
Two weeks ago several Wall Street bank executives including State Street's current CEO Ronald O'Hanley were hauled before the House Financial Services committee led by California Democrat Maxine Waters in what many would call a dressing down on several fronts, including high executive pay.
In a statement to the committee O'Hanley made it clear his bank was different from the others called to testify in that it only served institutional clients such as pension funds, mutual funds and sovereign wealth funds. At the end of 2018 the bank had assets totaling $245 billion.
State Street did not return repeated requests to comment on Mayo's note, but in the testimony before the House Financial Services Committee April 10th, O'Hanley had this to say about State Street's pay packages: "State Street unequivocally supports equal pay for equal work. Given the competitive, talent-driven industry that we operate in, we are focused on incentivizing, rewarding, retaining, and motivating superior employees through performance-driven compensation in a manner aligned with sound risk management and our corporate values."
State Street plays an outsized role in the world of investing because it is one of the biggest shareholders of companies in the United States, meaning it has tremendous power in proxy votes.
In a phone interview, Mayo told CNBC "The biggest owners of US stocks are index funds - Blackrock, Vanguard and State Street. They have a lot of power. My view is that one of the firms that tells so many others what to do – State Street - isn't taking their own medicine" prodding shareholders to reign in high pay at the bank if the company isn't going to do it themselves.
Disclosure: Wells Fargo makes a market in shares of State Street.