Bank chiefs paid 15x their 2009 earnings

Author: IFAonline
IFAonline | 15 Jun 2011 | 07:30

Categories: Economics / Markets

Topics: Goldman Sachs| Barclays Bank| HSBC| Lloyds Banking Group| Royal Bank of Scotland

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Two of the banking industry's biggest names were paid more than fifteen times their 2009 earnings last year, analysis suggests.

Jamie Dimon (pictured), the JPMorgan Chase CEO, received almost $21m in 2010, while Goldman Sachs' Lloyd Blankfein earned $14.1m, up from $863,000 in 2009, data compiled for the Financial Times shows.

Bank chiefs' average pay in the US and Europe leapt 36% last year to $9.7m, according to the figures.

In the UK, the chief executives of Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland were awarded cash and stock bonuses valued at more than $26m last year.

Meanwhile, two of the biggest winners in 2010 were UK CEOs who have since left their employers.

Eric Daniels, former head of Lloyds Banking Group, was awarded $8.4m last year, up from $5m in 2009, while former Barclays head John Varley earned nearly $6m, a 239% jump on the previous year.

The analysis for the FT by US-based researcher Equilar shows chief executive pay at several banks is still significantly lower than its pre-crisis high.

Blankfein earned more than $70m at Goldman in 2007 while Dimon received $40m in 2006.

 

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