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Santander Group's Ana Botin and Jose Alvarez made the largest contributions in COVID-19 response

In addition to leading their institutions to support customers and communities, some bank bosses are also taking pay cuts or making charitable donations to support the fight against the COVID-19

December 10, 2020 | Wendy Weng
  • All the four largest banking groups in Spain announced pay cuts for bank leaders, as it has been one of the hardest-hit countries in the pandemic.
  • Bosses at major British banks decided to give up a portion of their pay, which came after the Bank of England urged them to scrap cash bonus payments.
  • Six bank leaders from Kenya and Nigeria are among the top ten, due to their significant personal donations.

Banks around the world have taken various measures to support their customers and communities under the leadership of their CEOs and chairmen. Meanwhile, some bank leaders have agreed to take salary cuts or forgo their bonuses to support their institutions and communities to combat the challenge. Additionally, some bank bosses are also making personal donations to charities working to provide relief and support to the community. In this article, 36 bank CEOs or chairmen are ranked by personal contribution in COVID-19 response based on the estimated value of pay cuts and charitable donations.

Ana Botin and Jose Antonio Alvarez, the group executive chairman and CEO of Spain's Banco Santander, top the ranking. Both of them have their total compensation reduced by 50% for 2020, which were estimated to be around $5.8 million and $4.8 million, respectively. The forgone pay is diverted to a fund that the group created for medical equipment, protective clothing and other supplies.

Spain is one of the countries that faced the most severe COVID-19 outbreak. The other three largest banking groups in the country also announced the decision to take pay cuts. Banco Bilbao Vizcaya Argentaria (BBVA) and Banco Sabadell said their senior management, including the chairman and CEO, have waived their bonuses for 2020. In total, around 300 senior staff of BBVA will not be paid bonuses for 2020, worth more than EUR 50 million ($60.5 million). Gonzalo Gortazar Rotaeche, CaixaBank’s C...

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Keywords:Bank Leaders, Donations, Philantrophy, Salary Cuts, Covid-19


Santander Group's Ana Botin and Jose Alvarez made the largest contributions in COVID-19 response

In addition to leading their institutions to support customers and communities, some bank bosses are also taking pay cuts or making charitable donations to support the fight against the COVID-19

December 10, 2020 | Wendy Weng
  • All the four largest banking groups in Spain announced pay cuts for bank leaders, as it has been one of the hardest-hit countries in the pandemic.
  • Bosses at major British banks decided to give up a portion of their pay, which came after the Bank of England urged them to scrap cash bonus payments.
  • Six bank leaders from Kenya and Nigeria are among the top ten, due to their significant personal donations.

Banks around the world have taken various measures to support their customers and communities under the leadership of their CEOs and chairmen. Meanwhile, some bank leaders have agreed to take salary cuts or forgo their bonuses to support their institutions and communities to combat the challenge. Additionally, some bank bosses are also making personal donations to charities working to provide relief and support to the community. In this article, 36 bank CEOs or chairmen are ranked by personal contribution in COVID-19 response based on the estimated value of pay cuts and charitable donations.

Ana Botin and Jose Antonio Alvarez, the group executive chairman and CEO of Spain's Banco Santander, top the ranking. Both of them have their total compensation reduced by 50% for 2020, which were estimated to be around $5.8 million and $4.8 million, respectively. The forgone pay is diverted to a fund that the group created for medical equipment, protective clothing and other supplies.

Spain is one of the countries that faced the most severe COVID-19 outbreak. The other three largest banking groups in the country also announced the decision to take pay cuts. Banco Bilbao Vizcaya Argentaria (BBVA) and Banco Sabadell said their senior management, including the chairman and CEO, have waived their bonuses for 2020. In total, around 300 senior staff of BBVA will not be paid bonuses for 2020, worth more than EUR 50 million ($60.5 million). Gonzalo Gortazar Rotaeche, CaixaBank’s C...

Please login to read the complete article. If you already have an account, you can login now or subscribe/register.

Categories:

Keywords:Bank Leaders, Donations, Philantrophy, Salary Cuts, Covid-19


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