The Buzz
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
- John Stumpf (Wells Fargo) $19.3 million
- Richard Fairbank (Capital One) $18.3 million
- Michael Corbat (Citigroup) $17.5 million
- Paul Greig (FirstMerit) $16.4 million
- Joseph Hooley (State Street) $15.8 million
- Brian Moynihan (Bank of America) $13.1 million
- Kelly King (BB&T) $12 million
- Matthew Wagner (PacWest) $11.9 million
- Jamie Dimon (JPMorgan) $11.8 million
- Richard Davis (U.S. Bancorp) $10.8 million
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Microsoft CEO should be ...
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, Abbott Laboratories and AbbVie, La Monica does not own positions in any individual stocks.
Microsoft is still searching for a new CEO to replace Steve Ballmer. But I have a suggestion. Hire Adobe CEO Shantanu Narayen.
I'm a bit surprised that Narayen's name hasn't been mentioned at all.
For one, Adobe MORE
Paul R. La Monica - Jan 23, 2014 2:08 PM ET -
Carnival stock is surprisingly buoyant
Carnival Corp. has had its share of bad press, but investors were willing to cut the cruise ship operator some slack Tuesday.
Shares of Carnival (CCL) rose 4% after the company reported quarterly results and announced a management shake-up.
While earnings were better than expected in the second quarter, Carnival said advance bookings for the rest of the year are currently below last year, despite discounted ticket prices.
Carnival also said it will MORE
Ben Rooney - Jun 25, 2013 2:20 PM ET -
JPMorgan exec Bisignano departs
Another one of Jamie Dimon's key executives is leaving JPMorgan Chase, the firm announced Sunday.
Frank Bisignano, co-chief operating officer along with Matt Zames, is leaving the bank to run First Data Corp., a payments processing company owned by private equity firm KKR. Zames, who now appears to be the clear frontrunner to lead JPMorgan (JPM) when Dimon retires, will be the sole COO of the bank.
Related: What could cause the next MORE
Hibah Yousuf - Apr 28, 2013 4:15 PM ETPosted in: banks, ceo, coo, First Data Corp., Frank Bisignano, jamie dimon, JPMorgan Chase, London Whale, Matt Zames, Wall Street -
Wall Street CEOs: Who's paid the most
It's that time of year again. Most of the nation's big banks have disclosed how much chief executives earned in 2012. While some had their compensation cut, others received hefty raises.
One caveat: Wells Fargo (WFC) CEO John Stumpf, who received $17.6 million in total compensation in 2011, is not on the list. Wells has not yet disclosed Stumpf's 2012 compensation.
Lloyd Blankfein: $21 million
The CEO of Goldman MORE
Ben Rooney - Feb 25, 2013 5:26 AM ETPosted in: Bank of America, blankfein, ceo, citigroup, corbat, dimon, Goldman Sachs, gorman, JPMorgan, Morgan Stanley, moynihan, pay, stumpf, Wall Street -
Pension funds urge JPMorgan Chase to oust Dimon as chairman
"Give up the chairman role Jamie Dimon." That's what a coalition of investors in four major pension funds told JPMorgan Chase's (JPM) board Wednesday. Dimon has served as the bank's CEO and chairman since late 2006.
The coalition, which includes the Connecticut Retirement Plans and Trust Funds as well as the New York City Pension Funds, called on the bank to name an independent board chairman. Shareholders will vote on this plan MORE
Maureen Farrell - Feb 20, 2013 4:51 PM ET -
New York Times stock tumbles on weak ad sales
The New York Times Company's stock plummeted Thursday, after the company reported a surprise third-quarter loss, driven by a 9% decline in advertising revenue.
Print ad revenue sank more than 10%, while digital ad sales fell 2% "largely due to the challenging economic environment," and a "complex and fragmented digital advertising marketplace," the company said, adding that it expects the trend to continue during the fourth quarter.
The weakness in ad sales resulted MORE
Hibah Yousuf - Oct 25, 2012 4:45 PM ET
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