Despite the protracted financial crisis and the decline in trading activity around the world, bank leaders are still able to amaze the inhabitants with the numbers of their salaries and bonuses.
Revealing highest paid financiers in the world Journalists from the Financial Times and the Wall Street Journal took up. To do this, they studied the annual reports of the largest banks around the world and found out how much their heads receive.
Here is the first ten of the largest sharks in the world financial sea.
10. Tijan Tiam
Works in: Credit Suisse.
Gets: 10.2 million dollars.
A black man from Côte d’Ivoire is the head of one of the largest Swiss banks - Credit Suisse. His salary (along with bonuses) deserves to open the top ten highest paid financiers.
These 10 million dollars were collected from the base salary, as well as cash bonuses, remuneration in the form of income from equity and remuneration, taking into account official merits. However, such a high amount in the envelope raises complaints from the bank’s shareholders, who believe that since the bank incurs losses (and Credit Suisse’s income has decreased by more than 2 billion francs), the head of the bank must suffer along with it.
Tijane himself claims that the fee is fully justified, because he reduced costs, increased solvency and successfully avoided the worst course of events.
9. Antonio Horta-Osorio
Works in: Lloyds Banking Group.
Gets: $ 10.3 million
The leaders of the largest British banks do not deprive themselves, and receive 120 times more than their ordinary employee.
And the largest English credit bank Lloyds Banking Group, in which Antonio Horta-Osorio works, is the leader in this area. Antonio's salary last year was 169 times higher than the average for the bank. If we compare his salary with the lowest paid employee, the gap will widen even further - up to 237 times. And we are talking about a "clean" salary, which Antonio is 8.3 million dollars, without bonuses and rewards.
Against this background, the recent reorganization of Lloyds Bank, which, in order to switch to the online mode of operation, has reduced more than 300 employees and closed about 50 branches across the country, looks especially interesting.
8. Stuart Gulliver
Worked in: HSBC.
Gets: 13.1 million dollars.
Last year, one of the most expensive banking brands in the world reported less-than-expected annual profit growth. And Stuart Gulliver - that he leaves the post of CEO of the bank and transfers control levers to the new team.
For seven years, Gulliver was at the helm of Europe's largest bank at market value and led it through a painful restructuring and thousands of cuts. Stewart himself says that he is generally satisfied with the results of his activities as a director (and probably with his salary as well), and as evidence he points to an increased flow of dividends.
Stuart's successor as CEO of HSBS, John Flint, will receive a little less. If Stuart had a “net” salary (minus bonuses and rewards, which make up a large part of the income of a high-ranking banking employee) totaled $ 8 million, then Flint would have $ 6 million.
7. Sergio Ermotti
Works in: UBS.
Gets: $ 14.9 million
The head of the largest Swiss bank, UBS, remains the highest paid banking specialist in Switzerland. However, there are rumors that shareholders of the bank are already looking for a successor to him.
Sergio himself is not going to leave his post, and told reporters that a potential leadership change, if any, will happen after many, many years. But he himself “remains open” to search for new talents and a possible successor - because he is “not immortal”.
6. Tim Sloan
Works in: Wells Fargo.
Gets: $ 17.6 million
Last year turned out to be successful for Tim, which affected his salary, which grew by 35%. He began managing Wells Fargo (the bank is part of the Big American Four) in 2016, after the previous CEO John Stumpf was forced to resign. The reason for it was a loud scandal with sales, which significantly shook the bank's reputation. As it turned out, Wells Fargo employees opened up to 3.5 million fake accounts.
Over the past two-plus years, the scandal has not gone out, and even continues to flare up. In November 2018, two more senior employees lost their seats for the same reason. And Sloan’s personal nemesis, Senator Warren, claims that the banker was well aware of the scam, and demands his resignation.
5. Brian Moynihan
Works in: Bank of America Merrill Lynch.
Gets: $ 21.5 million
Huge money to this banker of Irish descent, managing one of the top banks in the United States, give for a reason. He zealously seeks to cut costs and increase bank profits.
Moynihan himself in a recent interview told reporters that during his reign he laid off more people than Delta Airlines staff. In 2010, when Brian took the helm, the bank employed 288 thousand people, and by the end of 2018 there were 204 thousand of them. And Delta Airlines employs no more than 80 thousand people.
4. Lloyd Blankfein
Works in: Goldman Sachs.
Gets: $ 22.3 million
Such a salary is the last in the career of Lloyd Blankfein, who retired last fall. His new position is an honorary sinecure, now he will be called the "senior chairman".
Blankfein's successor as president of Goldman Sachs was David Solomon (it is not yet known how much it will cost shareholders). The reason for Lloyd's dismissal was a disease, three years ago he was diagnosed with blood cancer (lymphoma).
3. Michael Korbat
Works in: Citigroup.
Gets: 23 million dollars.
In third place on the list of the highest paid financiers in the world, Michael Korbat appeared recently. At the beginning of 2018, his salary was increased by 48%, and before that he received “only” $ 15.5 million. Thus, the bank management decided to note an increase in profits.
In total, Michael has been at the helm of Citigroup for more than six years, becoming the CEO of one of the largest international financial groups back in 2012.
2. James Gorman
Works in: Morgan Stanley.
Gets: $ 29 million
Last year for this financier was one of the most successful in his career. His income has grown by 7% and is now reaching an impressive $ 29 million. Morgan Stanley is doing well, with net income up 5%.
Gorman is optimistic about the future and confident in the stability of the US financial system, and George Soros’s predictions about the coming crisis, which will give odds to all previous crises, are considered absurd.
1. Jamie Dimon
Works in: J.P. Morgan Chase.
Gets: 31 million dollars.
For the fourth year in a row, Dimon has been the leader among the highest paid financiers in the world. According to the Wall Street Journal, over the past year, he earned $ 31 million - 5% more than a year earlier. This figure looks even more solid when you consider that the average pay of 43 successful financiers on the Financial Times list is $ 12 million.
Jamie Dimon takes over as head of the American bank J.P. Morgan Chase in 2005. Under his control, a bank ship successfully passed the turbulent waters of the financial crisis, without crashing, and even multiplying wealth in its holds. Over the 13 years of Jamie's capitulation, the value of the bank’s shares more than doubled. J.P. Morgan Chase has grown into the largest and most profitable bank in the United States from any point of view, whether it be sales, stock prices or assets.
Daimon is not going to give the reins of government. He recently told reporters that he plans to remain in his current post for another five years.
