The 10 highest-paid U.S. bank CEOs include top managers at Wells Fargo & Co., Capital One Financial Corp. and … FirstMerit Corp.?
Topping the list assembled by SNL Financial was John Stumpf of Wells Fargo, whose total compensation in 2013 was $19.3 million. He was followed by the CEOs of Capital One and Citigroup.
Ranking fourth was Paul Greig of FirstMerit Corp., a Akron, Ohio-based bank that ranks 16th in deposit market share in the Chicago area with $24 billion in assets. His total compensation was $16.4 million.
Because of the Securities and Exchange Commission’s mandated method of valuing pay packages, the total compensation reported in a proxy summary compensation table can differ from the executive’s take-home pay. Included in Greig’s total compensation, for example, was $10.9 million in the category of "change in pension value," which mostly represented the increase in present value of his "supplemental executive retirement plan," SNL said.
Rounding out the top 10 were CEOs of State Street Corp., Bank of America Corp., BB&T Corp., PacWest Bancorp, JPMorgan Chase and, at No. 10 with $10.8 million, US Bancorp. Like FirstMerit, PacWest is also a relatively small bank, with assets of $6.5 billion.
The 10 highest-paid CEOs at banks with assets ranging from $10 billion to $500 billion included Frederick Waddell of Chicago-based Northern Trust. He ranked ninth in that size segment, at $9.2 million.
SNL ranked the 2013 total compensation of executives who were CEOs, or held roles equivalent to CEO, at U.S.-based companies classified as banks or thrifts. The ranking is limited to companies that disclosed compensation in publicly filed proxy statements.
In 2013, the median total compensation for CEOs of the 617 U.S. banks with available data was $565,169, SNL found.Copyright © 2015, The Baltimore Sun