M&T chief takes 23% pay cut

|About: M&T Bank Corporation (MTB)|By:, SA News Editor

His stock struggling (relatively) as his bank tries to complete its merger with Hudson City Bancorp, M&T Bank (MTB +1.2%) CEO Robert Wilmer was awarded $3.05M in 2013, 23% less than the previous year. M&T did gain 18% in 2013, but it was the worst performer in the 24-company KBW Bank Index (KRE) which advanced 35%.

His salary of $950K was a 49% cut from 2012, and the amount of stock Wilmer received fell 12%. His cash bonus of $425K was higher than the previous year.