It was two weeks ago that Puerto Rican banking veteran José Ramón González took over the helm of the Federal Home Loan Bank of New York, an institution that is one of the main driving forces behind the island’s financial district.
It’s no secret that Puerto Rico’s real estate sector has taken a beating in recent years due to the economic woes the island has been facing for the better part of the past decade. Property sales have stagnated and values have dropped in certain categories, affecting banks and brokers alike.
Several high-ranking FirstBank executives are getting significant pay raises this year, through a combination of cash and stock, according to a filing submitted to the Securities and Exchange Commission this week.