The financial crisis may have put a dent in pay for bank executives, but it’s quickly rebounding.
The average compensation for the top 15 bank CEOs in the U.S. and Europe surged 36 percent last year from 2009, according to data compiled for the Financial Times by Equilar research firm.
That increase put the average compensation — salary plus bonuses — at $9.7 million.
Jamie Dimon of JPMorgan Chase and Lloyd Blankfein of Goldman Sachs saw their compensation rocket to more than 15 times their 2009 levels. Dimon hauled in $21 million, while Blankfein garnered $14.1 million.
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To be sure, they’re still making a lot less than they did at the height of the financial bubble. Blankfein took home $70 million in 2007, while Dimon enjoyed $40 million in 2006.
And moves by regulators to limit outrageous compensation have had some impact, albeit limited.
“The real story around pay is the progress on ensuring bonuses are deferred, paid in shares and subject to claw-back and performance targets, rather than the headline figure,” Angela Knight, head of the British Bankers’ Association, tells the FT. Of course her position may make her more than a bit biased.
One thing is for sure, bank executives are making out much better than their shareholders, as The Wall Street Journal recently pointed out.
While Blankfein and Dimon saw their compensation soar last year, Goldman shares gained only 0.5 percent, and JPMorgan stock rose just 2.3 percent.
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