Alphabet CEO Sundar Pichai saw his total pay last year rise to $226mn, thanks to a giant stock award that is likely to have made him one of America’s best-paid business leaders for the year. News of the stock award, which Google’s parent company makes to its CEO once every three years and which was worth $218mn, follows the company’s move earlier this year to cut jobs across the board in the face of a sharp advertising slowdown. Pichai was reported at the time to have told workers that senior executives would receive lower bonuses as part of the cost-cutting. Read More...
Reuters
Vanguard bought large banks’ bonds on the cheap during March turmoil
Vanguard, the world’s second-largest asset manager, increased exposure to large bank’s bonds during the banking rout in March, taking advantage of cheap valuations, according to a report seen by Reuters. The collapse of two U.S. regional banks last month triggered wild price fluctuations across fixed income markets, with worries over the banking sector weighing broadly on corporate bond prices. “The banking troubles offered a brief window to add large banks at compelling valuations,” said the report, written by Sara Devereux, global head of fixed income group, and her team.
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