The Buzz

All markets and investing news all the time

Want to make a lot of money? Be a bank CEO

June 10, 2014: 12:13 PM ET

John Stumpf of Wells Fargo was the highest paid bank CEO in 2013.

In 2013, it paid to be the boss of a bank.

The CEO of Wells Fargo, John Stumpf, received $19.3 million last year. That includes base pay, bonus, stock options and long-term incentive awards if Stumpf hits his targets.

Stumpf won the highest paid bank CEO prize, according to a study of regulatory filings by SNL Financial, but you don't have to be the head of a mega-size financial group to rake it in.

The men who run regional banks, including some you may not recognize, are compensated handsomely.

The head of a bank based in Akron, Ohio paid its CEO $16.4 million last year.

That was enough to make FirstMerit Corp. (FMER) CEO Pat Greig the fourth highest paid bank chief in America. FirstMerit is only the nation's 29th largest bank.

PacWest Bancorp's (PACW) Matthew Wagner received a windfall of $11.9 million, making him the eight highest paid bank CEO overall. However, much of Wagner's compensation was tied to stock awards that vested when PacWest acquired CapitalSource.

Related: Top 10 highest paid hedge fund managers

Overall, pay continues to rise for bank CEOs, according to SNL. The median CEO pay among the 617 bank in the study was $565,169. That's up 48% from 2012, when the median compensation was $381,322.

Jamie Dimon, who was the highest paid bank CEO in 2012, fell to number nine after JPMorgan (JPM) cut his bonus in half, reducing his total pay package to a mere $11.8 million.

The pay cut came after JPMorgan reported a $6.2 billion loss from the so-called London Whale trade -- the massive bet on credit derivatives made by one of the bank's London units that went terribly wrong.

Highest paid bank CEOs 2013

  1. John Stumpf (Wells Fargo)                           $19.3 million
  2. Richard Fairbank (Capital One)                   $18.3 million
  3. Michael Corbat (Citigroup)                           $17.5 million
  4. Paul Greig (FirstMerit)                                  $16.4 million
  5. Joseph Hooley (State Street)                        $15.8 million
  6. Brian Moynihan (Bank of America)               $13.1 million
  7. Kelly King (BB&T)                                            $12 million
  8. Matthew Wagner (PacWest)                         $11.9 million
  9. Jamie Dimon (JPMorgan)                             $11.8 million
  10. Richard Davis (U.S. Bancorp)                      $10.8 million
Join the Conversation
Fear & Greed
Sponsored by
About This Author
Ben Rooney
Ben Rooney
Staff writer, CNNMoney

Ben Rooney is a staff writer for CNNMoney. He covers the European debt crisis and other international finance stories, in addition to writing about stocks, bonds, investing and other Wall Street-related news. Follow Ben on Twitter: @ben_rooney

To view my watchlist

Not a member yet?

Sign up now for a free account
Stupid Stock Move of the Day
#StupidStock Move of the Day! $APT up 10%? Stock downgraded today. $LAKE move silly but at least $LAKE said something about hazmat demand.
Powered by WordPress.com VIP.
Follow

Get every new post delivered to your Inbox.

Join 241 other followers