Report: Banks lack diversity

Bank executives and directors, in addition to the standard challenges, from finding customers to handling regulations, face two other key hurdles, according to a new report from Bank Director magazine: succession planning for the CEO and adding more women and diversity to the bank's board.

The report, Bank Director's 2017 Compensation Survey, found that 48% of bank executives and directors have yet to identify a successor to replace the CEO when he or she retires or leaves. It's an acute situation. The median age for a bank CEO is 57 years old, and 29% of the survey respondents expect the CEO of their bank to retire within the next five years. Yet banks below $5 billion in assets are less likely to have designated a successor or identified potential successors, the report found.

The survey was conducted in March and April, and polled 286 independent directors and senior executives of U.S. banks. Compensation data was also collected from the proxy statements of 108 publicly traded financial institutions for information on CEO and board compensation packages, according to a statement.

Other survey nuggets include: