CEOs at some of the biggest U.S. banks took pay cuts in 2022

In 2021, bank CEO pay climbed by more than 20% as stock prices soared following early-pandemic shutdowns. Last year's full tally is not yet available, but early data suggests that pay raises in the industry's top ranks were more modest.

In fact, at three of the largest U.S. banks, the chief executives took pay cuts last year. Across the banking industry, the stock price gains of 2021 were largely wiped out last year, as the KBW Nasdaq Bank Index fell by about 25%.

Last year's pay reductions were 2% for Truist Financial CEO William Rogers Jr., 6% for Bank of America CEO Brian Moynihan and 15% for PNC Financial Services Group CEO William Demchak.

JPMorgan Chase CEO Jamie Dimon and Wells Fargo CEO Charles Scharf both received the same amount in total direct compensation last year that they did in 2021.

Citigroup Chief Executive Jane Fraser and U.S. Bancorp CEO Andrew Cecere both fared better. Fraser received a 9% boost in total direct compensation, and Cecere got a 5% increase.

What follows is a more detailed look at the 2022 pay packages for CEOs of seven of the nation's largest banks, based on the banks' most recent proxy statements and a data analysis by the consulting firm Compensation Advisory Partners.

The CEOs are listed in the descending order, based on how much they received last year in total direct compensation.

JPMorgan Chase CEO Jamie Dimon
Marco Bello/Bloomberg

Jamie Dimon, JPMorgan Chase

2021 total direct compensation: $34.5 million

2022 total direct compensation: $34.5 million

Change: 0%
After Dimon's compensation rose by 10% in 2021, his pay was flat last year, excluding the impact of a large one-time award of stock options during the previous year that sparked a shareholder backlash.

Dimon's $1.5 million salary, $5 million bonus and $28 million in long-term incentive compensation were all unchanged in 2022.

In explaining Dimon's pay package, JPMorgan stated in its most recent proxy statement that the bank's compensation committee recognized that the company "is in a uniquely fortunate position to be led by such a highly talented and experienced executive in Mr. Dimon."

The New York megabank also cited the bank's performance last year, as well as "the importance of assessing the Firm's performance over the long-term, which continues to exceed that of our peers."

At JPMorgan's last annual meeting in May 2022, the bank's shareholders expressed strong discontent with a one-time award to Dimon of $52.6 million in stock options. Only about 31% of shareholders voted for a nonbinding "say on pay" resolution in support of the 2021 pay packages for Dimon and other top executives.

In the wake of that vote, the bank said in its most recent proxy statement that it has committed to not granting any future special awards to Mr. Dimon. JPMorgan also said that if it grants any one-time special awards to other executives in the future, they will have to include direct performance conditions.

The nation's largest bank by assets reported a 393-to-1 ratio between the total compensation it paid to Dimon and to the firm's median employee.
Bank of America CEO Brian Moynihan
Benjamin Girette/Bloomberg

Brian Moynihan, Bank of America

2021 total direct compensation: $32 million

2022 total direct compensation: $30 million

Change: -6%
A $2 million decrease in the value of long-term incentives dragged down Moynihan's total compensation in 2022, but he still took home the second-largest amount among big-bank chief executives.

Mr. Moynihan collected incentives worth $28.5 million last year, down from $30.5 million in 2021. His salary of $1.5 million remained the same, and he didn't collect a bonus either year.

About 95% of Moynihan's compensation is linked to the performance of the $2.4 trillion-asset bank he leads.

The firm's committee on compensation and human capital noted Moynihan's prowess in strategic planning, global operations and risk management in Bank of America's most recent proxy statement.

"Mr. Moynihan has demonstrated leadership qualities, management capabilities, knowledge of our business and industry and a long-term strategic perspective," the company stated.

Before taking the helm of the bank in 2010, Moynihan spent time running each of the bank's operating segments.

Close to 95% of shareholders voted to approve the bank's executive compensation plan last year. The engagement measure, known as "say on pay," is non-binding, meaning the bank could decide to pay executives amounts with which shareholders don't agree.

Shareholders will next voice their opinion on pay at the bank's upcoming annual meeting on April 25.
Wells Fargo CEO Charlie Scharf
Kyle Grillot/Bloomberg

Charles Scharf, Wells Fargo

2021 total direct compensation: $24.5 million

2022 total direct compensation: $24.5 million

Change: 0%
Scharf asked the bank's board of directors to hold his 2022 compensation at its 2021 level of $24.5 million.

He noted the "remaining work left to be completed" in the bank's turnaround, according to the bank's proxy statement filed this year.

In both years, Scharf collected a $2.5 million salary, $5.36 million bonus, and $7.86 million in long-term incentives.

Without Scharf's request, the CEO would have taken home as much as $27 million, the bank said.

Even without an annual increase, Scharf's total compensation of $24.5 million made him one of the highest-paid CEOs in banking. Only Dimon of JPMorgan Chase and BofA's Moynihan earned more.

Scharf possesses "extensive risk management experience in the financial services industry, including with respect to driving digital innovation in highly regulated spaces," the bank said.
Citigroup CEO Jane Fraser
Valerie Plesch/Bloomberg

Jane Fraser, Citigroup

2021 total direct compensation: $22.5 million

2022 total direct compensation: $24.5 million

Change: 9%
Last year marked Fraser's first full calendar year as chief executive of the global megabank, which she has been leading since March 2021. For the year, the board's compensation committee increased Fraser's base salary by 13% to $1.5 million, decreased her cash bonus by nearly 50% to $3.4 million and boosted her long-term incentives by 32% to $19.6 million.

In determining Fraser's pay package, the board's compensation committee took into consideration several factors, according to the company's most recent proxy statement. It looked at Fraser's "exemplary" leadership in advancing Citi's strategic objectives — including its business model realignment and ongoing risk management overhaul — as well as the company's short-term shareholder returns, which it called "disappointing."

"Ms. Fraser needs to continue to focus on improving financial results," the company said in the proxy statement.

The committee cited several achievements during the year, including the new strategic plan, the sale or planned sale of several overseas consumer businesses and continued improvements to fix various risk and compliance problems. Those problems were the subject of consent orders issued in 2020 by the Federal Reserve and the Office of the Comptroller of the Currency.

"Notwithstanding challenging macroeconomic and geopolitical developments, under Ms. Fraser's leadership Citi made solid progress on each of our priorities, and the compensation committee recognized the strategic direction that took shape during 2022," the company said. 

Unlike other members of Citi's executive management team, Fraser is not eligible to participate in the company's special bonus program for work accomplished on the risk management overhaul, the proxy statement noted.
PNC CEO Bill Demchak
Bill Demchak Dayton Town Hall_June 2018

William Demchak, PNC Financial Services Group

2021 total direct compensation: $20 million

2022 total direct compensation: $17 million

Change: -15%
Demchak recorded the largest drop in pay of any big-bank chief executive officer in 2022.

Decreases in both Demchak's bonus and the value of his long-term incentives drove the pay decline. The CEO of Pittsburgh-based PNC earned a $3.05 million bonus in 2022, down almost 20% from the $3.8 million he took home in 2021. Demchak's long-term incentive pay totaled $12.75 million in 2022, down from the $15 million worth of incentives he earned in 2021.

Still, Demchak's compensation was about 246 times more than that of the bank's median employee. The median employee salary was $70, 695 in 2022, PNC said.

The bank's board of directors said Demchak's main achievements in 2022 included expanding net interest margin, growing loans and overseeing PNC's "capitalization on opportunities across its coast-to-coast franchise," according to the bank's proxy statement filed earlier this year.
Andrew Cecere, CEO of U.S. Bancorp

Andrew Cecere, U.S. Bancorp

2021 total direct compensation: $15.7 million 

2022 total direct compensation: $16.6 million

Change: 5%
The double-digit increase in total direct compensation that Cecere received in 2021 — when his overall pay rose 22% to $15.7 million — was not repeated last year.

This time around, Cecere's total compensation rose 5% from the prior year to $16.6 million. His base salary of $1.3 million, cash bonus of $4.8 million and long-term incentives of $10.5 million increased by 8%, 6% and 5%, respectively, according to data from Compensation Advisory Partners.

Cecere, the head of Minneapolis-based U.S. Bancorp since 2017, was one of several bank chiefs whose 2021 pay package reflected larger annual cash bonus payments and increases in long-term incentive awards, in part because of the strong performance of bank stocks that year. 

In the company's latest proxy statement, the board's compensation group said it adjusted the base salaries of all named executive officers, including Cecere, "to reflect competitive market conditions." The committee said it also considered that Cecere's base salary had been flat since 2019.

The committee said it applied an individual performance adjustment of 10% to the final bonus funding percentages for Cecere and two other named executives, pointing in part to their contributions to U.S. Bancorp's acquisition of MUFG Union Bank. That acquisition was pending for more than a year before it was finalized in December.

"For Mr. Cecere in particular, the committee considered his critical involvement in working to ensure successful closing of the MUFG Union Bank acquisition, as well as his strong leadership in driving our transformation," the committee said in its proxy statement.
Truist CEO Bill Rogers
Al Drago/Bloomberg

William Rogers Jr., Truist

2021 total direct compensation: $14.2 million

2022 total direct compensation: $13.9 million

Change: -2%
Like Citi's Fraser, 2022 was the first full year that Rogers served as CEO. His base salary remained unchanged at $1.2 million, while his cash bonus and long-term incentives declined from the prior year by 23% and 8%, respectively.

While Truist did not provide exact details explaining the year-over-year decline in Rogers' total compensation in its most recent proxy statement, part of the reduction appears to be tied to Truist's stock performance and return on average equity in 2022.

Truist did not provide highlights of Rogers' specific achievements during the year, but instead listed several company milestones, including "robust loan growth, significant net interest margin expansion and good cost discipline." It also achieved positive operating leverage for the full year, increased its minimum wage and exceeded its $60 billion community benefits plan.
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