Executive Pay

In his recent letter titled “In Bank We Trust”, Lawrence Jackson noted that Santa Barbara Bank and Trust CEO George Leis, who oversees banking operations in four central California counties, receives an annual salary of $876,583. In a recent news release, it was reported that Bank of America’s newly minted CEO, Brian Moynihan, who oversees world-wide banking operations plus the operations of Merrill Lynch, will receive an annual salary of $950,000. That information alone should provide food for thought for why the value of the Santa Barbara Bank and Trust stock has tanked over the past year. — James Micallef