JPMorgan Chase & Co. Chairman and CEO Jamie Dimon kept his spot as the highest paid US bank chief executive in 2023, with compensation largely intact from the prior year.
Dimon made $35.1 million in total adjusted compensation in 2023, up 0.7% from 2022, according to S&P Global Market Intelligence data. The total comprised $7.1 million in cash compensation and $28.0 million in stock granted, taken at the grant date's fair value.
This year's slim increase came after Dimon's compensation took a nearly 60% hit in 2022. He has taken the top spot for US bank CEOs since 2020, though the end of his tenure at JPMorgan appears to be coming into view.
"The timetable [is not] five years anymore," Dimon said at the company's investor day in May, when asked about how much longer he would remain CEO.
While the decision is ultimately up to the board, Dimon said he still has the same energy to continue. However, succession planning is not a concern.
"There are actually some really great potential CEOs here," the executive said.
Rankings standstill
The six highest-paid US bank CEOs remained the same in 2023 from 2022.
Bank of America Corp. Chairman, President and CEO Brian Moynihan took second place, garnering $27.6 million in total adjusted compensation, down 6.7% year over year.
Wells Fargo & Co. President and CEO Charles Scharf trailed with $26.0 million in compensation, an increase of 5.4% from 2022.
Citigroup Inc.'s Jane Fraser took in $25.5 million in 2023, up 15.4% year over year, to take the fourth spot, followed by PNC Financial Services Group Inc. Chairman and CEO Bill Demchak, who had total adjusted compensation of $19.2 million, down 1.6% from 2022.
Of the 10 highest-paid US bank CEOs, six had their total compensation fall from the year prior, after only two saw pay cuts in 2022.
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$50B-$500B banks
Total compensation for First Horizon Corp. Chairman, President and CEO D. Bryan Jordan rose 64.5% year over year, the biggest rise among the 10 highest-paid US bank CEOs. His $11.9 million in total adjusted compensation in 2023 led CEOs at banks with $50 billion to $500 billion in assets.
Citizens Financial Group Inc. Chairman and CEO Bruce Van Saun made $11.1 million, down 5.4% year over year.
$10B-$50B banks
Las Vegas-based Axos Financial Inc. President and CEO Gregory Garrabrants was the highest paid chief executive for US banks with $10 billion to $50 billion in assets. His total adjusted compensation was $10.6 million, down 22.8% year over year. Garrabrants' compensation put him among the 10 highest-paid US bank CEOs, and he represented the smallest bank on the list by total assets.
$1B-$10B banks
Needham, Mass.-based NB Bancorp Inc. Chairman, President and CEO Joseph Campanelli was the highest paid CEO of a bank with $1 billion to $10 billion in assets. His total adjusted compensation in 2023 was $7.3 million, up 108.9% from the year prior. NB Bancorp completed a mutual bank conversion in December 2023.
Small banks
Among banks with under $1 billion in assets, Murray, Utah-based FinWise Bancorp. Chairman and CEO Kent Landvatter was paid the highest total adjusted compensation of $1.4 million, down 12.4% from the year prior.
