Unfortunately, shareholder anger seems justified, in the case of WBS, as management apparently pursued multiple negative value generating strategies, across multiple lending lines.
Eg, Syndicated commercial lending outside of footprint, residential development loans, construction loans in Florida, and 100% LTV no-income verification second liens in Arizona, Michigan, and Illinois.
And, yet, senior management would seem to have received increases in base salary.
A CEO that is, I think, not in the right league to manage the Company, senior managers with limited leadership skills, and a BOD with limited experience in banking.
Unfortunately, the Company tried to be what they probably never could be--a significant regional bank.
They were a bit like a 4th grader putting on a helmet and shoulder pads to try out for the high-school football team.