Magazine article American Banker

Nearly 10% Earned $1 Million, but Most Got Less Than Half That

Magazine article American Banker

Nearly 10% Earned $1 Million, but Most Got Less Than Half That

Article excerpt

Nearly 10% Earned $1 Million, But Most Got Less than Half That

Last year was not a good one for the banking industry. And many bank executives took the hit where it counts - in their paychecks.

Less than 10% of the chief executive officers at the top banks in the country pulled in more than $1 million in compensation last year. For the most part, the banking elite made between $250,000 and $500,000.

Compared with compensation for CEOs in other industries, those aren't big paychecks, according to Emanuel N. Monogenis, who heads the New York-based financial institutions arm of Heidrick & Struggles Inc. One reason may be that many banks (76%) tie executive compensation to profits. So when profits are off, pay is off.

When asked to indicate total cash compensation (salary and bonus) for 1990, 9% of the CEOs said they made more than $1 million. Another 20% said they made between $500,000 and $1 million. Only 4% said their compensation was less than $250,000. …

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