America’s big bank CEOs who got the biggest raises in 2023

Five large US banks have recently disclosed the compensation paid to their respective CEOs in the previous year. These disclosures offer valuable insights into the decisions made by bank boards’ compensation committees amid a turbulent year. Charlie Scharf, who has been the CEO of Wells Fargo for over four years, received a significant increase in his pay last year after it remained stagnant between 2021 and 2022. Wells Fargo attributed Scharf’s 2023 pay to the company’s improved financial performance, with a reported net income of $19.1 billion last year, up 40% from the previous year. What follows is a look at how much the CEOs of JPMorgan Chase, Morgan Stanley, and Capital One Financial were paid in 2023, based on the bank’s reporting.

James Gorman had a successful year as CEO of Morgan Stanley, making a large amount of money. However, the following year, in 2022, he received a 10% pay cut. At the start of 2023, the compensation committee of Morgan Stanley’s board of directors set a wide range for Gorman’s pay. If his performance exceeded expectations, he could earn $40 million or more. If his performance was below expectations, he could earn $20 million or less. Gorman ended up receiving compensation near the top end of the range for 2023. On Jan. 1, 2024, he became Morgan Stanley’s executive chairman, and Ted Pick became the new CEO.

The CEOs who got the biggest raises are listed first.

1. Charlie Scharf, Wells Fargo
   2022 total compensation: $24.5 million
   2023 total compensation: $29 million
   Change: +18.4%
2. James Gorman, Morgan Stanley
   2022 total compensation: $31.5 million
   2023 total compensation: $37 million
   Change: +17.5%
3. Jamie Dimon, JPMorgan Chase
   2022 total compensation: $34.5 million
   2023 total compensation: $36 million
   Change: +4.3%
4. Richard Fairbank, Capital One Financial
   2022 total compensation: $26.1 million
   2023 total compensation: $26.5 million
   Change: +1.5%
5. Brian Moynihan, Bank of America
   2022 total compensation: $30 million
   2023 total compensation: $29 million
   Change: -3.3%

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