Bank CEOs Receive Substantial Pay Bumps
Wall Street Titans Witness Salary Increases in 2024
Citigroup CEO Jane Fraser leads the charge with a 33% compensation rise to $34.5 million, reflecting the company's improved safety and profitability under her leadership.
Goldman Sachs CEO David Solomon follows suit, with his total compensation reaching $39 million. Jamie Dimon of JPMorgan Chase and Brian Moynihan of Bank of America share the distinction of receiving the highest pay among their peers at $39 million and $35 million, respectively. Morgan Stanley CEO Ted Pick secures $34 million in his debut year.
Wells Fargo CEO Charles Scharf receives the lowest compensation of $31.2 million, reflecting the bank's ongoing turnaround efforts.
Stock-linked incentives dominate the compensation packages, with Citigroup CEO Fraser receiving deferred stock vesting over four years based on performance targets and performance share units tied to shareholder returns.
Fraser guided Citigroup's reorganization into five core divisions, resulting in a 3% increase in revenue. The bank also faced fines and a revised return target for Fraser's turnaround plan.