Bankers Reap Benefits of 2013 Rally

in In the News
February 18th, 2014

From The Wall Street Journal
By Julie Steinberg, Theo Francis and Justin BaerJulie Steinberg, Theo Francis and Justin Baer
February 17, 2014

 

Wall Street’s top bankers are cashing in on last year’s stock-market rally.

After years of watching their banks’ share prices meander, insiders at the six largest U.S. banks sold $26 million of stock in January, the busiest start to a year since 2007, according to data compiled for The Wall Street Journal by Equilar, a Redwood City, Calif., executive-compensation research firm…

All benefited from a steep rise in bank stocks over the past year—shares of the top six U.S. banks average rose 41% last year, compared with a 30% gain for the Standard & Poor’s 500 stock index.

January is closely watched for stock sales as it represents bonus time for bankers and is often when the shares they receive become available for sale. Quarterly earnings also occur in January, and many executives can’t sell stock until after results have been announced…

 

Read the full article at: online.wsj.com