Biggest Bank Bosses Get Pay Bumps, with Citigroup's Fraser Topping the List
Citigroup (C) CEO Jane Fraser received the largest compensation increase among top Wall Street bank executives, with her 2024 pay package rising by a third to $34.5 million. This reflects the board's confidence in her leadership as she steers the financial giant through improvement efforts in safety and profitability. Citigroup's stock has outperformed its peers this year, with a 20% jump.
David Solomon, CEO of Goldman Sachs (GS), also saw a significant pay increase, bringing his total compensation to $39 million. He now shares the highest pay among his peers with JPMorgan Chase (JPM) CEO Jamie Dimon. Bank of America (BAC) CEO Brian Moynihan received $35 million, while Morgan Stanley (MS) CEO Ted Pick earned $34 million in his first year as CEO.
Wells Fargo (WFC) CEO Charles Scharf received the lowest payout of $31.2 million as the San Francisco-based bank continues its turnaround efforts. Most of the CEOs' compensation was in stock-linked incentives rather than cash. At Citigroup, for example, Fraser's stock-deferred compensation vests over four years and is tied to performance metrics.
The increase in CEO pay packages reflects strong financial performance and strategic progress by the banks. Citigroup's revenue rose across all five of its core divisions in 2024, while Goldman Sachs reported a record quarterly profit.