Zions Defers Bonus Decisions After Failing Stress Test
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Zions Bancorporation, which failed the Federal Reserve’s annual stress test, deferred giving Chief Executive Officer Harris Simmons a cash bonus until after the bank learns the results of its resubmission.
With the new version still pending, the board of directors “has not been able to determine whether the conditions have been satisfied” regarding the stress-test results, Salt Lake City-based Zions said yesterday in its annual proxy filing. The deferral includes vesting of restricted stock granted last year and also affects Chief Financial Officer Doyle Arnold, according to the filing.