CEO pay ratios increased at 11 of the 20 largest US public banks by total assets in 2022 on a year-over-year basis.
Top 20 banks
JPMorgan Chase & Co. recorded the highest CEO pay ratio among the banks included in this S&P Global Market Intelligence analysis. JPMorgan Chairman and CEO Jamie Dimon's compensation package was $34.9 million, 393x the $88,730 median employee salary at the company.
The ratio represents a year-over-year drop of 524.0 percentage points, the largest percentage-point decrease in the group. The executive's 2022 compensation declined 58.7% year over year, but Dimon kept his position as the highest-paid US bank CEO.
Among the top 20 banks, Citigroup Inc.'s CEO pay ratio was the second-highest at 357x, although the ratio fell by 15.0 percentage points from 2021. The median employee salary at the company in 2022 was $61,903, and CEO Jane Fraser's pay was $22.1 million.
CEO pay ratios decreased at Fifth Third Bancorp by 28.0 percentage points to 130x, at New York Community Bancorp Inc. by 19.0 percentage points to 90x, and at U.S. Bancorp by 31.0 percentage points to 194x.
– Read the S&P Global Market Intelligence Executive Compensation Review for US banks and thrifts as per GICS classification.
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Meanwhile, PNC Financial Services Group Inc. logged the largest year-over-year increase of 52.0 percentage points in the CEO pay ratio. The company's chairman, president and CEO, William Demchak, was paid $19.5 million, 276x higher than the median employee salary of $70,695.
At Wells Fargo & Co., the CEO pay ratio climbed by 34.0 percentage points to 324x as President and CEO Charles Scharf earned $24.6 million and the employees' median salary was $75,979. Bank of America Corp.'s ratio was up 26.0 percentage points to 258x, with Chairman, CEO and President Brian Moynihan's pay at $30.2 million and the median employee salary at $117,040.
First Citizens BancShares Inc.'s CEO pay ratio rose 29.0 percentage points to 102x. Chairman and CEO Frank Holding Jr.'s compensation was $8.0 million while the median employee pay was $78,932.
CEO pay ratios moved higher at Comerica Inc. by 9.0 percentage points to 84x, at M&T Bank Corp. by 10.0 percentage points to 111x, and at SVB Financial Group by 4.0 percentage points to 83x.
Median employee compensation ranges
Among US public banks with at least $20 billion in assets based on GAAP filings for the 2022 fiscal year, median CEO pay ratio was 90x, which was the same ratio at New York Community and Fulton Financial Corp. The median employee compensation was $71,063, the same as Commerce Bancshares Inc.'s.
The CEO pay ratio of 27x at Customers Bancorp Inc. was the smallest among the banks that were part of the analysis. The ratio at JPMorgan was the largest.
Home BancShares Inc.'s median employee compensation of $36,877 was the smallest in the group, while SVB Financial's median employee salary of $119,782 was the biggest.
