05.07.2017

US bank CEOs earn three times more than european collegues

400The chief executives of U.S. banks have been paid handsomely since 2004, with the average boss making three times as much as their counterparts around the globe, according to Bernstein report. The research examined chief executive pay across 25 banks in the US, Europe and Asia for the past 13 years and it shows that US banks have persistently paid more than rivals in the rest of the world based on 2016 data. 


Bernstein analysts, covered by the Financial Times, showed that bank pay for global banking CEOs hasn’t changed much even with regulations and other responsibilities that result in lower shareholder returns. U.S. bank CEOs on average made $20 million a year before the 2008 financial crisis and have made $20 million on average in the last three years. “A U.K. bank CEO, whose stock traded at three times book with 30 percent RoE (return on equity) used to make $10m … and is back to making $10m again at 1.5 times book with 15% RoE,” wrote the analysts according to the report.

JPMorgan’s Jamie Dimon in on the top. According the study, he would have earned $ 27.6 million in 2015, followed by Lloyd Blankfein of Goldman Sachs, $23.4 million. Third Standard Chartered's Bill Winters, with $ 22.4 million. Then, James Gorman from Morgan Stanley who earned $21.2 million.

Tidjane Thiam, CEO of Credit Suisse, is the first European in the ranking in fifth position, with $21.1 million, and even the last to exceed $20 mln. Sergio Ermotti, Ubs, stops at $14.9, in ninth position while Stuart Gulliver of Hsbc, ranked tenth with $ 11.2 million.


"With all due respect, running a bank in the US (even with the occasional trip to Congress to be publicly abused) can’t be that much more complicated than running a thankless restructuring job at RBS or UniCredit,” say Bernstein analysts. 


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