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Who Is The Best Paid Banking CEO In America?

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Who Is The Best Paid Banking CEO In America?

S&P Global Inc (NYSE: SPGI)'s S&P Global Market Intelligence recently released a list of the top-paid executives in U.S. banking.

The highest paid CEOs and money managers usually work for big, well-known companies. However, in the banking industry, this doesn't seem to be the case. In fact, the CEO with the highest compensation in the segment works for a smid-cap bank many readers may have never heard of: Investors Bancorp, Inc. (NASDAQ: ISBC).

Related Link: CEOs Vs. Hedge Fund Managers: Who Gets Paid Better?

Kevin Cummings, Investors Bancorp CEO, took the largest pay among his peers in 2015. Last year, Cummings received a $20 million paycheck, 3.5 percent more than Wells Fargo & Co (NYSE: WFC) CEO John Stumpf, who got $19.3 million.

So how could a $3.4 billion market cap bank pay its CEO more than a $230 billion market cap company? It seems like 2015 was a special year for Investors Bancorp. The company transitioned from a mutually held bank to a fully public company that saw its stock surge by 11 percent. Consequently, Cummings got a fat bonus, which helped him out-earn Stumpf.

The third place in this list was occupied by JPMorgan Chase & Co. (NYSE: JPM) CEO, James Dimon, who got $18.22 million in compensation in 2015. Completing the top 10 were:

  • Richard Fairbank of Capital One Financial Corp. (NYSE: COF), with $18.01 million.
  • Michael Corbat, of Citigroup Inc (NYSE: C), with $14.60 million.
  • Brian Moynihan, of Bank of America Corp (NYSE: BAC), with $13.72 million.
  • Gerald Hassell, of Bank of New York Mellon Corp (NYSE: BK), with $13.48 million.
  • Alessandro DiNello, of Flagstar Bancorp Inc (NYSE: FBC), with $13.02 million.
  • Frederick Waddell, of Northern Trust Corporation (NASDAQ: NTRS), with $12.76 million.
  • William Demchak, of PNC Financial Services Group Inc (NYSE: PNC), with $12.33 million.

The chart below illustrates the total adjusted compensation of bank CEOs in 2015.

Source: SNL Financial, MarketWatch

 

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Posted-In: Alessandro DiNello Brian Moynihan Frederick Waddell Gerald HassellFinancial Advisors News Management Personal Finance Best of Benzinga