The Buzz
Wall Street CEOs: Who's paid the most
February 25, 2013: 5:26 AM ETIt'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 Sachs (GS), took home a pay package totaling $21 million.
On top of his base salary of $2 million, Goldman Sachs' board granted Blankfein a nearly $19 million bonus: $13.3 million in stock and $5.6 million in cash.
In 2011, Blankfein received total compensation worth $12 million.
He wasn't the only one who got a raise last year. The other top four executives at Goldman were paid base salary and bonuses worth a combined $71 million.
Brian Moynihan: $12.1 million
Bank of America (BAC) shares doubled in value last year, and Moynihan was rewarded with a big pay raise.
The CEO was granted $11.1 million in restricted shares for 2012. Including his base pay, Moynihan received a total pay package of just over $12 million.
The compensation package is much larger than the prior year, when Moynihan was paid $7 million.
Moynihan's windfall came as shares of Bank of America rallied from less than $6 in January 2012 to nearly $12 at the end of the year.
Michael Corbat: $11.5 million
Citgroup paid its new CEO $11.5 million in 2012, including one of the few cash bonuses doled out to top Wall Street CEOs last year.
Corbat, a 29-year veteran of the bank, took the helm after Vikram Pandit stepped down in October. Pandit, who received $6.7 million for his efforts in 2012, was the first CEO of a major bank to have his pay package voted down by shareholders in 2011.
Citi (C) has restructured the way it pays top executives. Instead of deferred cash compensation, 30% of their pay last year came in the form of "performance share" stock grants, which won't be paid out for another two years.
The goal is to strengthen the link between CEO compensation and how well the company performs. Corbat is due to get up to $3.1 million on that score.
Jamie Dimon: $11.5 million
Despite having his bonus cut in half, Dimon took home a total of $11.5 million in 2012.
Dimon's compensation included a $10 million bonus, down from $21.5 million in 2011, when he was the best paid bank CEO.
The decision to slash Dimon's bonus was in response to the $6.2 billion loss JPMorgan (JPM) suffered on the so-called London Whale trade. Dimon said the losses on credit derivatives were due to "sloppiness" and "bad judgment."
JPMorgan's board also decided to push back Dimon's eligibility to sell $79 million of JPMorgan's stock for 18 months.
James Gorman: $6 million
Morgan Stanley (MS) has been cutting back, and Gorman's pay was not immune.
He will get stock options, a deferred cash bonus and base pay worth $6 million for 2012, according to a person familiar with the bank's plans. He also received a long-term incentive plan valued at $3.75 million.
All told, Gorman's compensation is down 7% from 2011, when he received a pay package worth $10.5 million.
Morgan Stanley announced plans last month to eliminate 1,600 jobs, or 3% of its workforce, including "more senior employees."
For 2013, Morgan Stanley has decided to hike Gorman's base pay to $1.5 million, up from $800,000.
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Banks have had their share of bad publicity recently, but investors continue to give them the benefit of the doubt.
Standard Chartered (SCBFF) is a prime example.
The British bank's stock has recouped nearly all of the losses sustained earlier this month, when the bank was accused of laundering money for Iran.
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George Soros buys Facebook stake; flees bank stocks
Even billionaire George Soros caught Facebook (FB) fever this spring.
The hedge fund manager purchased 341,000 shares of the social media company during the second quarter, according to SEC filings.
Hedge fund managers aren't forced to specify when during a quarter they purchased stakes in various firms. Still, it's safe to say that the investor who infamously made $1 billion shorting the British pound is under water on his Facebook bet.
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Geithner: Europe will hold it together
U.S. Treasury Secretary Tim Geithner said Wednesday that European Union leaders have the political will to keep the euro currency union from breaking apart.
"They've decided that it's in their interest to hold this together," Geithner said at the Council on Foreign Relations in Washington. "They tell us privately that they will do whatever is necessary to hold it together."
Geithner backed the steps EU leaders have outlined to form a banking MORE
Ben Rooney - Jun 13, 2012 5:43 PM ET -
Live blog: Jamie Dimon in the hot seat on Capitol Hill
A month after revealing a multi-billion trading loss, JPMorgan Chase CEO Jamie Dimon took the hot seat on Capitol Hill. Dimon, who was once dubbed President Obama's favorite banker, was grilled by both Democrats and Republicans on the Senate Banking Committee.
During the two-hour hearing, Dimon said that he cannot defend the trades that led to the bank's massive multi-billion loss.
"The way it was contrived between January to March, MORE
Hibah Yousuf - Jun 13, 2012 12:15 PM ET -
CFTC chairman: Congress 'sides with Wall Street'
A battle is brewing over how the swaps or derivatives market is regulated.
As part of the Dodd-Frank Wall Street reform law, the Commodity Futures Trading Commission agency was tasked with the job of monitoring the $700 trillion derivatives market. Derivatives are the instruments behind JPMorgan's (JPM) recent loss of at least $2 billion and the trades that helped blow up AIG (AIG), Lehman Brothers and Bear Stearns.
But CFTC chairman Gary MORE
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Dimon under pressure to resign NY Fed post
Jamie Dimon has no business being on the board of directors at the New York Federal Reserve Bank, according to Simon Johnson and thousands of others.
Johnson, an influential professor at MIT and a former IMF chief economist, says the chief executive of JPMorgan (JPM) should step down immediately or be forced to resign his post at the New York Fed.
To get his point across, Johnson has formed a petition calling on MORE
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