Bank Briefs

Fifth Third has reported another security breach of its cards.  In this instance, it is the Fifth Third debit card.

Pacific Capital CEO George Leis has been given a $15,000 raise.  His contract has been renewed through 2012.  This is in spite of the fact that the share price is at less than $2 today, off from more than $20 a share.    Pacific Capital lost $431 million in 2009. He is going to earn $600,000 a year, plus options.

Does anyone do a double-take when Bank of America is lauded for its new mortgage modification policy? That shift seems to have less merit when you realize that Bank of America’s failure to modify mortgages has provoked a lawsuit in Massachusetts.  B of A is doing what it has to, no more.

It is tax time for American citizens.  The bottom third of earners are likely to have no federal tax liability.  The same goes for Wells Fargo and Bank of America.  No tax liability. In fact, Bank of America may get $2.3 billion back from the federal government.  In other news, new Bank of America CEO Brian Moynihan will be paid $6 million per year.