How much top Wall Street CEOs were paid last year

Former Morgan Stanley CEO James Gorman made $37 million in his final year in the investment bank’s top role. His total compensation rose 17% from $31.5 million in 2022.

In his 14 years as CEO, Morgan Stanley’s stock price more than tripled, and its market capitalization nearly quadrupled to $153 billion from $40 billion, the investment bank said. Gorman became executive chairman on Jan. 1, and was replaced by Ted Pick as CEO.

Jamie Dimon, who has headed JPMorgan Chase for the better part of almost two decades, received a total compensation package of $36 million last year. That was up from the $34.5 million he made in 2022. In 2023, Dimon had an annual salary of $1.5 million, plus $500,000 in cash and $29.5 million in performance-based shares, according to JPMorgan’s annual proxy statement.

In two share sales this year — the first by Dimon since becoming CEO at the end of 2005 — Dimon made $183 million. The largest U.S. bank disclosed last October that Dimon would be offloading 1 million shares of JPMorgan stock. The bank said at the time that the sale was for “financial diversification and tax-planning purposes.”

Read more: JPMorgan CEO Jamie Dimon is dropping more clues about his retirement

Goldman Sachs CEO David Solomon received $31 million in total compensation in 2023, made up of $20.3 million in equity and an $8.7 million cash bonus, on top of an unchanged $2 million base salary. Solomon’s net pay was up 24% from $25 million a year earlier.

“The compensation committee believes that the actions of senior management were critical to reorienting the firm with a much stronger platform for 2024 and beyond,” Goldman said in its proxy statement, referencing the pay increase.

Wells Fargo raised CEO Charlie Scharf’s pay to $29 million for 2023, in recognition of “his strong leadership in driving improved financial performance and significant progress on risk and regulatory work,” the bank said in its proxy statement.

The pay package, comprised of a $2.5 million base salary and $26.5 million in cash and long-term equity awards, represented an 18% jump from the $24.5 million he saw in 2022.

Wells Fargo had the third-best performing stock in the KBW Bank Index last year, after climbing 19% in 2023. Scharf stepped in as CEO in 2019, and has been tasked with cleaning up the bank’s reputation after a string of high-profile scandals.

Bank of America CEO Brian Moynihan made $29 million last year, a decrease of 3% compared to his $30 million total pay in 2022. Nearly 95% of his pay was tied to company performance, the bank said.

The bank — the third-largest lender in the U.S. — has seen its profits shrink in recent quarters as it faces charges related to the Federal Deposit Insurance Commission’s special assessment and increased provision for credit losses.

Moynihan was the only CEO among the biggest Wall Street banks to take a pay cut last year.

Amid Citigroup’s largest reorganization in roughly 20 years, CEO Jane Fraser received a 6% pay hike to $26 million in total compensation, consisting of a base salary of $1.5 million and an incentive award of $24.5 million.

Under Fraser’s leadership, Citi has undertaken a massive corporate overhaul, splitting the bank into five interconnected business units with heads of each business reporting directly to Fraser. The changes — which were completed in March — are aimed at cutting costs and simplifying the bank’s structure to help boost Citi’s overall performance.

As a result of these efforts, the bank ended up eliminating 7,000 positions, which is expected to generate $1.5 billion of annualized run rate expenses, Fraser told analysts on an earnings call in April. The the cuts are slated to save $2.5 billion in cumulative annualized run rate in the medium term.

The costs of the reorganization have continued to weigh on the bank’s balance sheet, but its compensation committee said Fraser’s efforts have already resulted in “positive change.”

“As Citi’s CEO, Ms. Fraser has created a firm foundation for great progress and transformative evolution, setting the conditions for a period of substantial upside potential. While that potential is present, it has not yet been fully realized and reflected in our financial performance, but the compensation committee believes that real progress has been made,” Citi said in the proxy filing.