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Sovereign Bancorp to pay CEO $7.2 million for one month

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And they're going to fire 8% of the bank employees at the same time. When is enough, enough? From the Boston Globe:

Banco Santander chairman Emilio Botin told a special meeting of shareholders in Madrid that Gabriel Jaramillo will become Sovereign's chief executive after Santander completes its purchase of the bank, according to a statement Santander released yesterday, a deal expected to close by February. Jaramillo would be Sovereign's fourth leader in just three years.

Previously a Santander executive in Brazil, Jaramillo would replace Paul Perrault, who assumed the chief executive job only earlier this month. For his few weeks on the job, Perrault stands to receive a $7.2 million payout under the terms of his contract, a figure compensation consultant Frank Glassner said is "egregious" given that Sovereign is also laying off 8 percent of its workforce.

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