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BofA CEO paid 250x more than median worker; Warburg Pincus in $370M Vietnam deal

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BofA CEO paid 250x more than median worker; Warburg Pincus in $370M Vietnam deal

Bank of America Corp.'s CEO Brian Moynihan was paid 250 times more than the bank's median employee in 2017. According to a proxy filing, Moynihan's annual total compensation for 2017 was approximately $21.8 million, compared to the median employee's $87,115. BofA said that its CEO pay ratio is "a reasonable estimate calculated in a manner consistent with SEC rules." BofA previously disclosed that it paid Moynihan $23.0 million in 2017, but the figure included stock awards granted in 2018.

On the M&A front, Indiana-based Evansville Teachers Federal Credit Union is buying Kentucky-based American Founders Bank Inc., Louisville Business First reports.

In asset management news, Warburg Pincus LLC is planning to invest $370 million in Vietnam Technological and Commercial Joint Stock Bank, or Techcombank. A source told Reuters that the U.S. private equity firm is expected to own less than 10% in Techcombank and may become one of its biggest shareholders. Warburg Pincus did not disclose the size of the stake it plans to buy in the Vietnamese lender.

The Zohar funds, which have been battling litigation for years, have filed for bankruptcy, seeking to monetize their valuable assets and pay off all allowed claims in full.

In cryptocurrency news, a report by two Bank of International Settlements committees found that during periods of stress, digital currency issued to the general public could have negative implications for bank deposit funding and banks' business models.

In other parts of the world

Asia-Pacific: Warburg Pincus in Vietnam deal; 2 Japan banks to merge; Lotte Card M&A gets nod

Europe: ING scraps CEO pay rise plan; Monte dei Paschi names CFO

Middle East & Africa: QNB seeks higher foreign ownership cap; Ghanaian bank to raise 330M cedis in IPO

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng rose 0.02% to 31,601.45, and the Nikkei 225 climbed 0.66% to 21,968.10.

In Europe, around midday, the FTSE 100 dropped 0.02% to 7,213.59, while the Euronext 100 rose 0.21% to 1,034.61.

On the macro front

The NFIB small business optimism index, the consumer price index and the Redbook are due out today.

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