Investors are winners as companies lay out tax-saving plans
NEW YORK (AP) — It's just what the GOP said we'd hear from a CEO after being handed a big tax break.
But when Charles Scharf announced plans last month to spend his company's tax savings on higher wages and technology, investors began selling.
The Bank of New York Mellon CEO said he had a responsibility to "share the benefit" with workers and build the "company of the future." But investors want to share in the tax bounty as well — through higher dividends and buybacks. By the end of the day, the bank's stock was down 4.4 percent.