Magazine article American Banker

Who Earned What in 2000

Magazine article American Banker

Who Earned What in 2000

Article excerpt

Salaries and bonuses paid to chief executives of the largest banking companies averaged $3.78 million last year, compared with just more than $5 million for their counterparts at other types of financial services firms, according to new data compiled for American Banker by Executive Compensation Advisory Services in Alexandria, Va.

But when stock, options, and long-term incentives are included, bankers come out ahead, earning an average of $19 million last year, versus $13.9 million for executives at nonbank financial firms.

Tables detailing earnings of executives at selected financial services firms and the largest banks by assets appear on pages 5 and 6.

The average figures are skewed by the huge salaries raked in by top executives at both types of companies. For instance, Sanford I. Weill, Citigroup Inc.'s chairman and chief executive officer, had total compensation of $127.3 million last year, while William B. Harrison Jr., president and CEO of J.P. Morgan Chase & Co., made $55.6 million.

Leading at the nonbanks was M.R. Greenberg, chairman and CEO of American International Group Inc., with $41.8 million, and Philip J. Purcell, chairman and CEO of Morgan Stanley Dean Witter & Co., with nearly $37 million.

Executive Compensation Advisory Services also looked at which executives hold the biggest stakes in their companies.

The nonbank executives owned, on average, about $610 million of their company's stock, compared with $346 million for the average banker surveyed. Again, the largest players affect the averages.

Charles R. Schwab, CEO of the brokerage bearing his name, owned $7.5 billion in stock at yearend, a 19% stake, while Mr. Greenberg held $4.6 billion of AIG stock, a 2% stake. Carl H. Linder, chairman and CEO of American Financial Group Inc., topped the nonbank executives in the percentage size of his holdings, with 65. …

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