CHARLOTTE, N.C. -- NationsBank Corp.'s Hugh McColl Jr. was the most highly compensated banker among the nation's top 20 banking companies last year.
Mr. McColl, 59, chairman and chief executive of the country's fourth-biggest bank, received $13.9 million in pay, bonus, restricted stock and other compensation last year.
That's three times the total compensation paid to the chief executive of Citicorp, the country's biggest bank, and nearly four times that paid to the CEOs of the country's No. 2 and No. 3 banks, BankAmerica Corp. and Chemical Banking Corp.
Mr. McColl's $3 million in salary and bonus wasn't out of line with the other executives', but his compensation outranks the others' because of a restricted stock award of 200,000 shares, valued at $10.7 million when it was granted June 22.
Such awards, which typically vest over three to five years, act as incentives for executives to stay with the company and improve its performance, because the value of the award grows as the company's stock increases in value.