TPG Inc. CEO Jon Winkelried earned nearly $200 million last year, making him the highest-paid CEO in US financial services in 2023, according to an S&P Global Market Intelligence analysis.

Harvey Schwartz of asset manager Carlyle Group Inc. was the second-highest-paid CEO in the industry last year, receiving a total adjusted compensation of $187.0 million.

Blackstone Inc. Chairman and CEO Stephen Schwarzman, the highest-paid financial services CEO in 2022, came in third, with a total adjusted pay of $119.8 million in cash, down 52.7%.

In this analysis, financial services covers asset managers, specialty lenders, and investment banks, brokers and capital markets companies.

Asset management

Winkelried's adjusted compensation increased almost sixfold from the previous year and was mostly comprised of stock grants, according to Market Intelligence data.

Schwartz, who took the helm at Carlyle on Feb. 15, 2023, was paid mostly with stock grants worth $180 million.

Schwarzman's pay decline in 2023 was due largely to a decrease in carried interest or incentive fee allocations relating to Blackstone's performance plans, regulatory filings showed.

Blue Owl Capital Inc. co-CEOs Douglas Ostrover and Marc Lipschultz ranked 10th in the asset management sector in 2023, each making $18.5 million, primarily through stock grants.

Investment banks, brokers and capital markets

Raymond James Financial Inc. CEO Paul Reilly was the highest-paid CEO in the investment banking, broking and capital markets sector, making a total of $34.9 million in 2023, almost twice his 2022 pay. Of his total pay, $24.8 million were stock grants.

Morgan Stanley's James Gorman was second, with $32.9 million in total adjusted compensation, of which $22.5 million was in stock grants.

Peter Orszag, who became Lazard Inc. CEO on Oct. 1, 2023, after running the company's financial advisory business since 2019, had the third-highest pay in the sector of $30.8 million last year, up 217.0% year over year.

Goldman Sachs Group Inc.'s David Solomon was in fourth place, with $26.7 million in pay in 2023, down 15.6% from 2022.

Six of the 10 highest-paid CEOs in the investment bank, broker and capital markets sector saw their 2023 income increase from 2022. Four had lower compensation year over year.

– Read the S&P Global Market Intelligence Executive Compensation Review for US banks and thrifts. – Download a template for US bank and thrift executive compensation peer analysis.

Specialty finance

In the specialty finance sector, Capital One Financial Corp. CEO Richard Fairbank remained the highest-paid chief executive in 2023, making a total of $28.6 million, of which $23.5 million was stock grants.

Synchrony Financial's Brian Doubles was second with $19.2 million, knocking Equitable Holdings Inc. CEO Mark Pearson down to the third spot with $15.5 million.

OneMain Holdings Inc.'s Douglas Shulman got the fourth-highest CEO pay of $15.4 million in the specialty finance sector.