Despite the protracted financial crisis and the decline in trading activities around the world, bank executives are still able to amaze ordinary people with the numbers of their salaries and bonuses.
Revealing the highest paid financiers in the world journalists from the Financial Times and the Wall Street Journal took over. To do this, they studied the annual reports of the largest banks around the world and found out how much their heads receive.
This is what the top ten largest sharks in the world financial sea look like.
10. Tijan Tiam
Works in: Credit Suisse.
Receives: $ 10.2 million.
The black native of Cote d'Ivoire is the head of one of the largest Swiss banks - Credit Suisse. His salary (coupled with bonuses) is worthy of opening the top ten highest paid financiers.
The $ 10 million was raised from base salaries, plus cash bonuses, equity income and merit-based pay. However, such a high amount in envelope causes criticism from the bank's shareholders, who believe that since the bank is suffering losses (and Credit Suisse's income has decreased by more than 2 billion francs), then the head of the bank must suffer along with him.
Tijanet himself claims that the payment is fully justified, because he cut costs, increased solvency and successfully avoided the worst development of events.
9. Antonio Horta-Osorio
Works in: Lloyds Banking Group.
Receives: $ 10.3 million.
The heads of the largest British banks do not deprive themselves, and receive 120 times more than their own 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 bank's average. If you compare his salary with the lowest paid employee, the gap will widen even more - up to 237 times. And we are talking about a "clean" salary, which Antonio has $ 8.3 million, without bonuses and rewards.
Against this background, the recent reorganization of Lloyds Bank looks especially interesting, which in order to go online has laid off more than 300 employees and closed about 50 branches throughout the country.
8. Stuart Gulliver
Worked in: HSBC.
Receives: $ 13.1 million.
One of the most valuable banking brands in the world reported less-than-expected annual profit growth last year. And Stuart Gulliver - that he is leaving the post of CEO of the bank and transferring the levers of management to a new team.
For seven years, Gulliver has been at the helm of Europe's largest bank by market value and has led it through painful restructuring and thousands of layoffs. Stewart himself says that he is generally satisfied with the results of his work as a director (and, probably, salary too), and as evidence points to an increased flow of dividends.
Stewart's successor as CEO of HSBS, John Flint, will receive slightly less. If Stewart had a "net" salary (excluding bonuses and bonuses, which make up the bulk of the income of a high-ranking bank employee) was $ 8 million, then Flint's will be $ 6 million.
7.Sergio Ermotti
Works in: UBS.
Receives: $ 14.9 million.
The head of the largest Swiss bank, UBS, remains the highest paid banking specialist in Switzerland. However, there are rumors that the bank's shareholders are already looking for a successor.
Sergio himself is not going to leave his post, and told reporters that a potential change of leadership, if it happens, will be in many, many years. But he himself “remains open” to the search for new talents and a possible successor - because “he is not immortal”.
6. Tim Sloan
Works in: Wells Fargo.
Receives: $ 17.6 million.
The past year turned out to be successful for Tim, which was reflected in his salary, which increased by 35%. He took over from the Big American Four in Wells Fargo in 2016 after the previous CEO John Stumpf was forced to step down. It was caused by a loud sales scandal, which significantly shaken the bank's reputation. As it turned out, up to 3.5 million fake accounts were opened by Wells Fargo employees.
Over the past two years, the scandal has not died out, and even continues to flare up. In November 2018, two more high-ranking employees lost their jobs for the same reason. And Sloane'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.
Receives: $ 21.5 million.
This Irish banker, who runs one of the top US banks, is given a lot of money for a reason. He is zealous for ways to cut costs and increase the bank's profits.
Moynihan himself, in a recent interview, told reporters that during his tenure he laid off more people than the staff of Delta Airlines. In 2010, when Brian took over, the bank employed 288,000 people, and by the end of 2018 there were 204,000. Delta Airlines employs no more than 80 thousand people.
4. Lloyd Blankfein
Works in: Goldman Sachs.
Receives: $ 22.3 million.
This salary is the last in the career of Lloyd Blankfein, who retired last fall. His new position is an honorary sinecure, he will now be called "senior chairman".
Blankfein's successor as president of Goldman Sachs was David Solomon (it is not yet known how much he will cost shareholders). The reason for Lloyd's dismissal is illness, three years ago he was diagnosed with blood cancer (lymphoma).
3. Michael Korbat
Works in: Citigroup.
Receives: $ 23 million.
In third place in the list of the highest paid financiers in the world, Michael Korbat appeared recently. At the beginning of 2018, his salary was raised by 48%, and before that he received "only" 15.5 million dollars. Thus, the bank's management decided to note an increase in profits.
In total, Michael has been at the helm of Citigroup for more than six years, having become the CEO of one of the largest international financial groups back in 2012.
2. James Gorman
Works in: Morgan Stanley.
Receives: $ 29 million.
The last year was one of the most successful in his career for this financier. His revenues have grown by 7% and now reach an impressive $ 29 million. Morgan Stanley is doing well, too, with net income up 5%.
Gorman looks to the future optimistically and is confident in the stability of the US financial system, and he considers George Soros's predictions about the coming crisis, which will give odds to all previous crises, to be absurd.
1. Jamie Dimon
Works in: J.P. Morgan Chase.
Receives: $ 31 million.
For the fourth year in a row, Daimon has dominated the world's highest paid financiers. According to the Wall Street Journal, he earned $ 31 million last year, a 5% increase over the previous year. That figure looks even more impressive when you consider that the average pay of 43 successful financiers on the Financial Times list is $ 12 million.
Jamie Dimon took over as CEO of J.P. Morgan Chase in 2005.Under his control, the bank ship successfully passed the stormy waters of the financial crisis, without crashing, and even increasing wealth in its holds. Over the 13 years of Jamie's captaincy, the value of the bank's shares has 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, share price or asset size.
Daimon is not going to give up the reins. He recently told reporters that he plans to remain in office for another five years.