What did the 10 big financial firm CEOs get paid in 2023?

The compensation received by CEOs of major financial firms in 2023 ranged from around $25 million to $35 million, with some experiencing an increase in pay and others a decrease. The disclosures of these payments provide insight into how bank boards’ compensation committees made pay decisions at the end of a turbulent year. In this article, we will take a look at the pay received by the CEOs of UBS Group AG, JPMorgan Chase, Morgan Stanley, Bank of America, Wells Fargo, Ameriprise Financial, Raymond James, Goldman Sachs, and Citigroup in 2023, according to the banks’ reporting and an analysis by CEOWORLD magazine.

The following figures show the available CEO pay information for major financial firms in 2023:

1. UBS Group AG
   CEO: Sergio Ermotti (Returned to UBS in April 2023; figures, converted from Swiss francs, reflect nine months as CEO.)
   2023 Base Salary: $2 million
   2023 Total fixed and variable awarded compensation: $13.5 million
   2023 Total Awarded Compensation: $15.9 million
   2023 Total Realized Compensation (total amount paid out in the year, including the base salary, cash performance award payments, and all deferred performance awards vested in the year): $2 million
2. JPMorgan Chase & Co.
   CEO: Jamie Dimon
   2023 Base Salary: $1.5 million
   2023 Incentive Compensation: $34.5 million
   2023 Total Compensation: $36 million
   2022 Total Compensation: $34.5 million
   Difference, 2023 vs. 2022: $1.5 million (+4%)
3. Morgan Stanley
   CEO: James Gorman (stepped down as CEO in late 2023)
   2023 Base Salary: $1.5 million
   2023 Incentive Compensation: To be included in the proxy statement filed in April.
   2023 Total Compensation: $37 million
   2022 Total Compensation: $31.5 million
   Difference, 2023 vs. 2022: $5.5 million (+17%)
4. Bank of America
   CEO: Brian Moynihan
   2023 Base Salary: $1.5 million
   2023 Incentive and Other Compensation: $27.1 million
   2023 Total Compensation: $28.57 million
   2022 Total Compensation: $30.17 million
   Difference, 2023 vs. 2022: $1.5 million (-5.3%)
   Adjusted Totals
   2023 Total Compensation: $29 million
   2022 Total Compensation: $30 million
   Difference, 2023 vs. 2022: $1 million (-3.3%)
5. Wells Fargo
   CEO: Charlie Scharf
   2023 Base Salary: $2.5 million
   2023 Incentive Compensation: $23.5 million in incentive and other pay
   2023 Total Compensation: $25.96 million
   2022 Total Compensation: $24.64 million
   Difference, 2023 vs. 2022: $1.32 million (+5.3%)
   Adjusted Totals
   2023 Total Compensation: $29 million
   2022 Total Compensation: $24.5 million
   Difference, 2023 vs. 2022: $4.5 million (+18%)
6. Ameriprise Financial
   CEO: James Cracchiolo
   2023 Base Salary: $1.24 million
   2023 Incentive/Other Compensation: $27.13 million
   2023 Total Compensation: $28.37 million
   2022 Total Compensation: $22.84 million
   Difference, 2023 vs. 2022: $5.5 million (+24%)
   Adjusted Totals
   2023 Total Compensation: $25.6 million
   2022 Total Compensation: $25.15 million
   2023 vs 2022 Difference: $470,000 (+1.86%)
7. Raymond James
   CEO: Paul Reilly
   2023 Base Salary: $750,000
   2023 Incentive/Other Compensation: $34.1 million
   2023 Total Compensation: $34.9 million
   2022 Total Compensation: $17.6 million
   2023 vs 2022 difference: $17.3 million (+98%)
   Adjusted Totals
   2023 Total Compensation: $20.55 million
   2022 Total Compensation: $19 million
   Difference, 2023 vs. 2022: $1.55 million (+8%)
8. Goldman Sachs
   CEO: David Solomon
   2023 Base Salary: $2 million
   2023 Incentive/Other Compensation: $24.7million
   2023 Total Compensation: $26.67 million
   2022 Total Compensation: $31.6 million
   Difference, 2023 vs. 2022: $5 million (-15.6%)
   Adjusted Totals
   2023 Total Compensation: $31 million
   2022 Total Compensation: $25 million
   Difference, 2023 vs. 2022: $6 million (+24%)
9. Citigroup
   CEO: Jane Fraser
   2023 Base Salary: $1.5 million
   2023 Incentive/Other Compensation: $24.5 million
   2023 Total compensation: $25.45 million
   2022 Total Compensation: $22.06 million
   2023 vs 2022 difference: $3.4 million (+15.4%)
   Adjusted Totals
   2023 Total compensation: $26 million
   2022 Total Compensation: $24.5 million
   Difference, 2023 vs. 2022: $1.5 million (+6%)
10. Capital One Financial
    CEO: Richard Fairbank
    2023 total compensation: $26.5 million
    2022 total compensation: $26.1 million
    Difference, 2023 vs. 2022: +1.5%

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