Knowledge@wharton

When Leonard Abess sold a majority stake in Miami-based City National Bank last fall he did something very unusual. He took $60 million of that money and gave it out as bonuses to 399 current bank employees and 72 former employees. He did it without calling in a public relations firm or the media. He didn’t blog about it. And while he was mentioned in President Obama’s inauguration speech and was ABC News Person of the Week these things were not done at his instigation. In fact he wasn’t even on site when the money was given out. He decided to share the wealth he said as a way to reward the people who had helped make the bank successful. Knowledge at Wharton asked Leonard Abess who remains chairman and CEO of the bank to talk about the motivation behind his gift leadership and the current economic crisis. See acast.com/privacy for privacy and opt-out information.