Miami banker gives $60 million of his own to employees

[one...two...tree 2,762]

By Martha Brannigan | Miami Herald

Lots of bosses say they value their employees. Some even mean it.

And then there's Leonard Abess Jr.

After selling a majority stake in Miami-based City National Bancshares last November, all he did was take $60 million of the proceeds -- $60 million out of his own pocket -- and hand it to his tellers, bookkeepers, clerks, everyone on the payroll. All 399 workers on the staff received bonuses, and he even tracked down 72 former employees so they could share in the windfall.

For longtime employees, the bonus -- based on years of service -- amounted to tens of thousands of dollars, and in some cases, more than $100,000.

At a time when financial titans are being paraded before Congress to explain how they blew billions on executives' bonuses even as they received a taxpayer bailout, the big-hearted banker's selfless deed stands out.

http://www.mcclatchydc.com/251/story/62206.html

Edited February 15, 2009 by Mister Fancypants

[Cacerez 19]

By Martha Brannigan | Miami Herald

Lots of bosses say they value their employees. Some even mean it.

And then there's Leonard Abess Jr.

After selling a majority stake in Miami-based City National Bancshares last November, all he did was take $60 million of the proceeds -- $60 million out of his own pocket -- and hand it to his tellers, bookkeepers, clerks, everyone on the payroll. All 399 workers on the staff received bonuses, and he even tracked down 72 former employees so they could share in the windfall.

For longtime employees, the bonus -- based on years of service -- amounted to tens of thousands of dollars, and in some cases, more than $100,000.

At a time when financial titans are being paraded before Congress to explain how they blew billions on executives' bonuses even as they received a taxpayer bailout, the big-hearted banker's selfless deed stands out.

http://www.mcclatchydc.com/251/story/62206.html

I wish there were a person like this that would help out teachers in public education!!!

[Nagishkaw 510]

WOW! That was really nice of him.

[I AM NOT THAT GUY 5,715]

Asked later what motivated him, Abess said he had long dreamed of a way to reward employees. He had been thinking of creating an employee stock option plan before he decided to sell the bank.

''Those people who joined me and stayed with me at the bank with no promise of equity -- I always thought some day I'm going to surprise them,'' he said. ``I sure as heck don't need [the money].''

In exchange for an 83 percent stake in the business, the Spanish bank Caja Madrid paid $927 million in November. Abess retained a minority share and is still the board chairman and chief executive officer at City National.

Even before the sale, Abess wasn't hurting for money. He bought his 11.8-acre, $23 million estate in Miami's Cliff Hammocks neighborhood from actor Sylvester Stallone in 1999.

Abess' father, Leonard L. Abess, founded City National in 1946 with Baron de Hirsch Meyer as one of the first postwar commercial banks in the region. Abess Jr. started his career in the bank's print shop, which made forms and documents. Working his way up the ladder gave him an appreciation for the role that employees play in the success of an enterprise.

''I saw that if the president doesn't come to work, it's not a big deal,'' he said. ``But if the tellers don't show up, it's a serious problem.''

http://www.miamiherald.com/460/story/904842.html

"And, that they say, is the rest of the story!"

[boo boo 1]

I wish there was more employers like him....he truly valued his employees

[EstebanTrabajos 7]

woww

and on the other hand we have those that earn millions and isn't good enough...greedy bastards

That guy deserves every single dollar he has earned

[Jasman0717 9]

What a novel idea, take care of your employees

[Mina76 0]

Wow, I wonder what I would have received for 22 years of service?

I wish my employer could be this generous!

[Jasman0717 9]

I missed the part where this guy actually hunted down ex-employees and gave they a cut too. Wow

[crazyinEgypt 0]

Wow! Wish my boss was this generous. I love hearing stories like this. Not everyone in the world has the "me" attitude.

[Jasman0717 9]

Wow! Wish my boss was this generous. I love hearing stories like this. Not everyone in the world has the "me" attitude.

Maybe Arnold should do this with the 10,000 state employees he will start laying off today

[panamania79 2]

Wow! Wish my boss was this generous. I love hearing stories like this. Not everyone in the world has the "me" attitude.

Maybe Arnold should do this with the 10,000 state employees he will start laying off today

As a matter of fact,he could also get hi state out of debt with all his money.