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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Bank stocks keep surging
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Bank of America (BAC), Citigroup (C), Goldman Sachs (GS) and Morgan Stanley (MS) all climbed more than 2%, while Wells Fargo (WFC) rallied more than 3%. AIG (AIG) shares were up after the company said it plans to sell its stake in AIA Group, a Hong Kong-based life insurance MORE
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YY, the first Chinese company to brave the U.S. initial public offering market since April, was expected to meet a wary investor base Wednesday. Yet YY's (YY) stock managed to rise 10% in its debut on Nasdaq (NDAQ).
A Chinese Internet social media platform with a focus on gaming and video chats, YY, priced its offering at $10.50, the low end of its expected range. The company raised $82 million for MORE
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Citigroup unit fined $2 million over Facebook disclosures
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Citigroup (C) was one of several banks that competed to underwrite Facebook's (FB) IPO, along with lead underwriter Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC) and others.
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Citi to lose $2.9 billion on Smith Barney sale
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The disclosure, made in an SEC filing Tuesday afternoon, came after Morgan Stanley and Citigroup disclosed the value of Morgan Stanley Smith Barney, the wealth brokerage unit they had shared since 2009.
At $13.5 billion, the valuation represents a big win for Morgan Stanley, which had MORE
Maureen Farrell - Sep 11, 2012 12:37 PM ET -
Investors follow the money to bank stocks
The bank stock surge continues.
Investors, high on pledges from the European Central Bank to buy more sovereign bonds and better-than-expected U.S. employment numbers, grew euphoric on what those moves could mean for banks' profits.
Bank stocks, including JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), and Citigroup (C), shot up roughly 4% Thursday.
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Maureen Farrell - Sep 6, 2012 2:39 PM ET -
Don't look now. Bank stocks are rallying
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Paul R. La Monica - Aug 20, 2012 2:11 PM ET -
Slightly larger bonus checks expected on Wall Street
Paychecks for executives and top employees at the world's largest financial institutions are expected to get only a little bit bigger in 2012.
Compensation at the big banks will remain far below the highs of 2007, but overall, top executives could see paychecks and bonuses jump by as much as 10% in 2012.
Compensation consulting firm Johnson Associates projects that overall pay will hover between remaining flat and increasing up to 10%, MORE
Maureen Farrell - Aug 17, 2012 11:21 AM ETPosted in: Bank of America, big banks, citigroup, compensation, Goldman Sachs, JPMorgan Chase, Morgan Stanley, paychecks, Wells Fargo -
Banks behaving badly
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.
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Paul R. La Monica - Aug 7, 2012 12:55 PM ETPosted in: banks, Barclays, citigroup, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, standard chartered
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