Reports on the finance and banking industry reveal that the chief executives of major banks all across the globe got a pay increase of 7.6 percent in 2015. Each of them is a recipient of an average $13 million and Jamie Dimon from JPMorgan Chase was ranked the best-paid bank boss in 2015. Here is a brief on the world’s best-paid bank bosses:
Source: Financial Times
10. Stuart Gulliver - HSBC
Stuart Gulliver is the Group Chief Executive at HSBC Holdings plc. Besides this, Gulliver is also Chairman, Hongkong and Shanghai Banking Corporation Limited. It was way back in 1980 that Stuart Gulliver joined HSBC. Since then, he had held multiple key positions and managed the Group’s operations which are spread out all across the globe. These include postings in Hongkong, London, United Arab Emirates and Kuala Lumpur. Mr. Gulliver has a degree in law from Oxford University.
9. Sergio Ermotti - UBS AG
Sergio P. Ermotti became the CEO of UBS AG in November 2011. He has previously served as the Group Chief Executive Office (interim basis). Mr Ermotti holds a Swiss certification in banking and graduated from Oxford University in the Advanced Management Programme. In April 2011, he gained membership of the GEB and served as CEO and Chairman of UBS Group Africa, Europe and the Middle East until November 2011. Ermotti has also worked with Merrill Lynch as the Global Equity Markets co-head.
8. Brian Moynihan - Bank of America
Brian Moynihan became the Director and CEO of Bank of America Corporation in 2010 (January). He has also been Chairman of the bank since 1st October 2014. Brian Moynihan is the head of a team of over 200,000 employees which is committed to improving the financial lives of people, companies as well as institutional investors all over America as well as across the globe. He has worked with Bank of America for over 20 years now and handled key businesses such as wealth management, small business banking, investment banking etc.
7. Michael Corbat - Citigroup
Michael L. Corbat serves as the CEO of Citigroup, a global bank which has nearly 200 million accounts and operates in over 160 nations and jurisdictions. Corbat became the CEO of Citigroup in 2012 and since then, he has focused on utilising the unique global network of Citigroup for serving its consumer and institutional banking clients. He places a lot of emphasis on high ethical standards and strong execution.
6. John Stumph - Wells Fargo
John Gerard Stumpf, a retail banker and business executive from the United States, is the CEO and chairman of Wells Fargo & Company, which is an extended financial services company. Stumph was also the President of the firm from 2005 to 2015. In 2000, John Stumph headed the integration of the $23 billion First Security Corporation acquisition of Wells Fargo. As the CEO, he has offered over nine years of dedicated service to Wells Fargo & Company.
5. Tidjane Thiam - Credit Suisse
Ivorian and French citizen, Tidjane Thiam is an Executive Board member at Credit Suisse AG and Credit Suisse Group AG. He pursued a degree in Master of Business Administration from INSEAD in 1988 and also studied Advanced Mathematics and Physics (Ecole Nationale Supérieure des Mines de Paris) prior to that. At present, he serves as the Chief Executive Officer of Credit Suisse. Before this, Thiam was the CFO and Group Chief Executive of Prudential plc. Thiam made U.K. corporate history when he was named Chief Executive at insurer Prudential PLC in 2009 by becoming the first black Chief Executive of a FTSE 100 company.
4. James Gorman - Morgan Stanley
James Gorman, born in Australia, is the CEO and chairman of the board at Morgan Stanley. From 2007 to 2009, he had been Co-President of the bank, responsible for Investment Management, Wealth Management, operations as well as technology functions. In 2006, Gorman took on the role of CEO, Wealth Management and President of Morgan Stanley. He was earlier a member of the prestigious Securities Industry and Financial Markets (Washington D.C.) and also served as its Chairman in the year 2006.
3. Bill Winters - Standard Chartered
It was on 10th June 2015 that Bill Winters got appointed as the Group Chief Executive of Standard Chartered PLC. Winters is based out of London. He has had a respectable banking career and spent nearly twenty-six years working at JP Morgan in a variety of leadership roles. In 2004, he became the co-chief executive officer of the investment bank and finally stepped down in the year 2009. At present, he is third-highest paid bank boss all over the world and takes home an annual salary of $22.4 million.
2. Llyod Blankfein - Goldman Sachs
Sixty-two year old, Llyod Blankfein, is the second most powerful figure in the banking world. He was ranked at #26 on the Forbes List of Powerful People in 2015. Blankfein heads Goldman Sachs, the indomitable investment bank and is responsible for managing assets worth $911.5 billion. He earns an annual pay of an impressive $23.4 million. This Bronx native was brought up in Brooklyn and studies at Harvard University. At present, he is the chairman and CEO of Goldman Sachs.
1. Jamie Dimon - JPMorgan Chase & Co.
Jamie Dimon, CEO and president, JPMorgan Chase & Co. is currently the highest paid back boss, receiving an annual salary of $27.6 million. It was in 2006 that he became the CEO and president of the bank. He was also elected the board chairman in 2007. In 2000, Dimon headed Bank One, a Chicago-based entity that was going through financial crisis. It took three years for Dimon to fix the balance sheets of the bank. In 2004, he led the merger between Bank One and JPMorgan Chase.
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