| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Global Economy Last Updated: Jun 16, 2011 - 6:40 AM


Top bank chiefs’ average pay in the US and Europe jumped 36% in 2010
By Finfacts Team
Jun 15, 2011 - 5:12 AM

Email this article
 Printer friendly page
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 $40m.

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.

FT interactive on bank chief's pay

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 3M, 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 $1.678trn.

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.

Related Articles
403 Forbidden

Forbidden

Execute access is denied.


© Copyright 2011 by Finfacts.com

Top of Page

Global Economy
Latest Headlines
New York, London, HK & Singapore top global financial centres index; Dublin recovers
Global growth in modest expansion from low oil prices/ monetary easing says OECD
Composite leading indicators point to positive change in growth momentum in the Eurozone
Global labour market trends portend paradise for some but uncertainty for many workers
Vienna remains top of World Quality of Living Rankings in 2015; Dublin at 34
Zurich and Geneva overtake Singapore to become world's most expensive cities
HSBC Switzerland and Falciani: How it happened
Global economic power to continue shift from advanced economies
Global food price index falls in January; Cereal output set for record
Global debt has risen $57tn or 17% of world GDP since 2007
Tokyo with 36m people safest of 50 world cities; Stockholm safest in Europe
China overtook US in 2014 inward investment; Ireland slips on dodgy tax data
Global fund managers turn to US equities, bonds and real estate
Is World Economic Forum in Davos really serious about tackling inequalities?
IMF cuts global growth in 2015 despite cheaper oil, faster US growth
Quick guide to what’s happened to the Swiss franc
IMF's Lagarde warns of ‘lopsided’ global growth despite cheap oil
Global growth at risk of long-term slowdown says study
Private consumption main driver of OECD GDP growth in Q3 2014
Swiss financial centre reforms work in progress as banking secrecy collapses
Fragile global economic recovery faces major risks says World Bank
Global food prices fell in 2014 for third straight year; Meat rose to record high
Commodities Supercycle: Real food prices in 1980 - 2000 were as low as 1930s - Part 2
Commodities price supercycle ends after century of price falls - Part 1
Growth rate of global manufacturing slowed at end of 2014
Global GDP boost from low oil prices in 2015 at 0.1%
Argentina, China head 2014 share price index rises; Denmark best of developed countries
Economic recovery, stagnation, miserablism and miserableness
Russia sells reserves to support rouble
Switzerland bows to pressure; Tightens money-laundering rules
Opium poppy cultivation in Southeast Asia's 'Golden Triangle' hits new high in 2014
Oil prices over 40% below June highs
Global manufacturing expanded at slowest pace for 14 months in November
OECD says Eurozone risks stagnation if policy response too week
World Economy: Secular stagnation or a new normal
World trade is growing slower than economy for first time in 40 years
Global investors have a restored appetite for risk
G20 leaders back unmasking shell companies, automatic exchange of tax information
International Energy Agency expects continued weakness in oil prices
Nordic countries lead in English proficiency; Switzerland and France are laggards