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HSBC headquarters, 8 Canada Square, Canary Wharf, London. The Hongkong & Shanghai Bank was founded in Hong Kong in 1865.
Top bank chiefs’ average pay in the US and Europe
jumped 36% in 2010 to $9.7m, according to data compiled for the Financial Times.
Jamie Dimon, the JPMorgan Chase chief executive,
and Goldman Sachs’ CEO, Lloyd Blankfein, received more than 15 times their 2009
earnings. Dimon was paid almost $21m in 2010, heading the FT’s survey of the
salary and bonus packages awarded to 15 top bankers. Blankfein earned $14.1m,
including a $5.4m cash bonus - - up from $863,000 in 2009.
Blankfein had earned $70m in 2006 and Dimon made
Equilar, the US compensation company compiled the
data, which showed that the chief executives of four UK headquartered
banks - - Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland - -
were awarded cash and stock bonuses valued in excess of $26m last year.
The British government has stakes in Lloyds
Banking Group and Royal Bank of Scotland of 41% and 83% respectively.
The New York Times
said in April that rarely has the view from the corner office
seemed so at odds with the view from the street
corner. At a time when millions of Americans are
trying to hang on to homes and millions more are
trying to hang on to jobs, the chief executives
of major corporations like
General Electric and
Cisco Systems are making as much today as
they were before the recession hit. Indeed, some
are making even more.
The Times said
the disparity is especially stark as
companies are swimming in cash. In the fourth
quarter of 2010, profits at American businesses were up
an astounding 29.2%, the fastest growth
in more than 60 years. Collectively, American
corporations logged profits at an annual rate of
The median pay for top executives at 200 major companies was $9.6m
last year. That was a 12% increase over 2009, according to a study
conducted for The New York Times by Equilar.