This analysis looks at direct compensation paid to the chief executive officers of the six largest U.S. bank holding companies by assets as of Dec. 31, 2021. Indirect elements of the overall compensation are excluded. Data is collected from company filings on a best-efforts basis.
CEO pay rebounded last year at the six largest U.S. bank holding companies after a COVID-19-induced drop in 2020, according to S&P Global Market Intelligence data.
CEO pay hikes at Big 6 banks
Morgan Stanley's James Gorman and Goldman Sachs Group Inc.'s David Solomon each received $35.0 million in total compensation as CEO in 2021, the largest payouts among the top six banks in the U.S. Solomon's compensation essentially doubled in 2021 after Goldman's board reduced his 2020 compensation from $27.5 million to $17.5 million after the company announced multibillion-dollar settlements for its role in Malaysia's 1MDB scandal.
Jamie Dimon, JPMorgan Chase & Co.'s CEO, received $34.5 million in total compensation last year, a 9.5% increase year over year. Dimon was the only CEO among the six to receive a pay raise as CEO in 2020 and 2021.
Bank of America Corp.'s CEO, Brian Moynihan, saw his pay jump 30.6% from last year to $32.0 million, which was split between $30.5 million in stock awards and an annual base salary of $1.5 million.
At Wells Fargo & Co., CEO Charles Scharf's compensation grew 20.5% to $24.5 million in 2021, including $16.6 million in stock awards, a $5.4 million cash bonus and an annual base salary of $2.5 million.
Citigroup Inc.'s CEO Jane Fraser took the reins on March 1, 2021, becoming the only female CEO among the Big Six banks. In 2021, Fraser's total direct compensation was $22.5 million, split between $14.8 million in stock awards, a $6.4 million cash bonus and a salary of $1.3 million. Michael Corbat, Citi's CEO prior to March 1 of last year, received $15.3 million in compensation.
Overall salary expense at Big 6
Overall salary expenses increased at five of the six companies last year, with Wells Fargo the only one bucking the trend, reporting a 10.2% decline year over year. Citi reported the largest increase at 32.8%, followed by Goldman at 30.9%.
