March 6 (Bloomberg) -- M&T Bank Corp., the lender struggling to complete its merger with Hudson City Bancorp Inc., cut Chief Executive Officer Robert Wilmers’s pay by 23 percent last year as the stock lagged.
Wilmers, who said executives should make sacrifices in their compensation in his most recent annual shareholder letter, was awarded $3.05 million for his work last year, the Buffalo, New York-based bank said today in a regulatory filing. That included a salary of $950,000, a $425,000 cash bonus and $1.68 million in restricted stock. He was awarded $3.95 million for 2012.
While Wilmers, 79, saw his cash bonus increase, his salary was cut 49 percent from last year and the amount of stock he received declined 12 percent, according to the filing. M&T gained 18 percent last year, the worst performer in the 24-company KBW Bank Index, which advanced 35 percent.
M&T’s stock has trailed peers as the bank waits for regulators to approve its takeover of Paramus, New Jersey-based Hudson City, the industry’s biggest and longest pending merger. The deal has been delayed twice amid Federal Reserve probes into M&T’s money-laundering controls. The $3.7 billion bid dates to August 2012.
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