ReutersSummary List Placement
Wall Street and the financial sector are at the heart of the global economy, holding the power to sway markets and impact individual lives. The people who run these firms are paid a lot of money — in 2019, executives in the financial services industry were earning an average of $8 million in total reported compensation.
To better understand what executives in the financial services sector are paid, we sifted through SEC documents for the leading financial services firms in the S&P 500. We then created a database that shows the complete breakdown of 2019 compensation, as reported by those firms. The companies span big banks, credit card giants, exchange operators, advisory firms, and more.What leadership at financial services companies earned in 2019
The database includes the most recently reported compensation data for 66 financial services firms, including giants like Wells Fargo, JP Morgan, Bank of America, and American Express.
It can tell you that Warren Buffett, CEO of Berkshire Hathaway, reportedly earned only $100,000 in salary, while two of his employees — both vice chairs of operations — had salaries of $16 million each. You can see the details if you type "Berkshire Hathaway" in the search bar in the database below.
If you search "Wells Fargo," you'll see that CEO Charles Scharf was granted an equity award with a reported value of almost $30 million for 2019, the highest equity award reported for an executive at a financial services firm in 2019. Sharf's award was granted when he came on board at Wells Fargo in mid-2019, to "replace compensation forfeited by him from his prior employer," according to the firm's proxy statement.
The database shows salaries, bonuses, equity awards and other compensation for the CEOs, CFOs, chief legal officers, chief risk officers, and other heads of business at leading financial services firms around the country and world.The data is pulled from SEC documents
The compensation data came from each firm's proxy statement, or DEF14-A, a statement typically filed before an annual shareholder meeting. The proxy statement informs shareholders of corporate governance issues — things like director election procedures, principal shareholders at the firm, and discussion and analysis of the firm's compensation program.
The SEC requires that the proxy statement include compensation for the CEO, CFO, and the three otherwise highest-paid employees at the firm, sometimes referred to as the firm's "named executive officers" or "proxy officers." Salary, bonus, incentive plan payments, and other compensation are included in what's called the "summary compensation table."
We've compiled this data into a searchable database below, followed by a brief description of each column and what the numbers mean.
In the table, you can click any title heading to sort (for example, you can click "Salary" to sort the table by salary from low to high, and click it again to sort from high to low). You can also search for a specific executive or company using the search bar. The table also scrolls horizontally. Navigate or scroll to the right to view all available data.
What the terms in the table mean:
- Salary: The salary an executive earns in a given year.
- Bonus/non-equity incentive plan: Typically cash grants for performance in the short term. Bonuses are typically one-off awards, while anything in the column titled "non-equity incentive plan" means the awards are granted as part of a firm's short-term incentive plan and granted in cash (hence the "non-equity" label). Short-term incentives are thought of as part of "at-risk" pay, meaning that the executive must hit goals or benchmarks to receive the award.
- Stock awards/option awards: Equity awards based on achievement within a firm's long-term incentive plan. Long-term incentives are also considered "at-risk" pay. Stock and option awards are two different types of equity awards — stocks are direct equity awards, while options give the executive the right to buy shares at a specific price.
- Other compensation: This number includes any value from the compensation data related to pension plans or nonqualified deferred-compensation earnings. It also includes any payments designated as "other compensation," which can include payment for things like personal or home security, employees' benefits plans, country-club fees, fees related to use of company aircraft, and even relocation expenses.
- Total compensation: All amounts summed.
- The code for Goldman Sachs' internal data platform is now open for anyone to use. The bank's data chief tells us why the firm decided to share something seven years in the making.
- Here's what 7 CEOs of major financial firms are saying about the return to office and the future of their real estate footprints
- Payments tech salaries revealed: Here's what engineers are getting paid at Amex, Mastercard, PayPal, Square, and Visa