US Bank CEO Pay Soars: Gap Widens with Workers

Wall Street bank CEOs experienced a significant surge in compensation last year, collectively earning over $250 million. The heads of JPMorgan, Bank of America, Citigroup, Goldman Sachs, Wells Fargo, and Morgan Stanley each received annual pay packages exceeding $40 million, according to recent regulatory filings.

Executive Compensation Soars

The combined average pay increases for these six CEOs represented a 22 percent increase compared to the previous year. In 2024, their average remuneration was already 298 times that of their median bank employees, and these raises are expected to further widen that gap, particularly as affordability concerns rise across the economy.

Did You Know? Last year, US regulators proposed allowing higher leverage for the largest banks and overhauled annual banking stress tests.

Despite the substantial pay increases, the CEOs oversaw an average stock price gain of 42 percent last year. Wells Fargo banking analyst Mike Mayo described the situation as “bull market banking with bull market results and bull market pay for the CEOs,” adding that, “directionally, it’s correct.”

Top Earners

Goldman Sachs’ David Solomon received the highest total package at $47 million, including a $10.1 million cash bonus, $31.5 million in stock, and $3.4 million in carried interest. Brian Moynihan of Bank of America received $41 million, while Jane Fraser of Citi was awarded $42 million, a nearly 25 percent increase from the prior year, and a $25 million retention bonus. Jamie Dimon of JPMorgan Chase earned $43 million, and Ted Pick of Morgan Stanley received $45 million.

Expert Insight: The substantial increases in CEO compensation reflect a period of strong performance for US banks, driven by both favorable market conditions and a rollback of regulations implemented after the 2008 financial crisis.

The surge in bank earnings was fueled by Donald Trump’s deregulatory agenda and a revival in investment banking. Banks benefited from the rollback of rules that had constrained the sector since the 2008 financial crisis.

Individual banks also experienced positive developments. Citi was the best-performing big Wall Street bank stock in 2025, nearing completion of a major restructuring. Wells Fargo’s Charlie Scharf oversaw the removal of a $2 trillion asset cap imposed by regulators following the bank’s “fake accounts” scandal.

Both Fraser and Scharf were appointed chair of their respective institutions in 2025, in addition to their CEO roles. Fraser also received a $25 million retention bonus in October.

Frequently Asked Questions

What was the total combined pay for the six bank CEOs?

The six CEOs—from JPMorgan, Bank of America, Citigroup, Goldman Sachs, Wells Fargo, and Morgan Stanley—took home more than $250 million combined.

Who was the highest-paid CEO?

Goldman Sachs’ David Solomon was the highest-paid CEO, with a total package of $47 million.

What factors contributed to the increase in CEO pay?

The increase in CEO pay was attributed to strong stock price gains, a favorable market environment, and the rollback of financial regulations.

As banks continue to navigate a changing economic landscape, will these high levels of executive compensation persist?