Fed to discuss bankers' pay with CEOs, source says

11/2/2009 | Bloomberg

CEOs of the 28 largest banks in the U.S. were asked to meet with the Federal Reserve to discuss compensation for executives, a source said. The leaders are expected to be briefed on how the Fed will review compensation. Observers said the Fed was sending a clear message that CEOs will be the first to see pay cuts. "It starts with the CEO," said Kevin Petrasic of law firm Paul Hastings. "It is not subtle at all to tell the most highly compensated people in the organization, 'OK, we are starting with you.' "

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