Banking revenues and earnings were not stellar in 2011. But still, some bank bosses saw double-digit annual pay raises.
The Financial Times reports that top US and European bank executives, including Brian Moynihan of Bank of America, Vikram Pandit of Citigroup and Jamie Dimon of JPMorgan, have seen annual pay raises averaging at 11.9%.
The study, completed by Equilar, shows that with the 11.9% annual pay increase to 15 bank CEOs, total compensation for the 15 executives reached an average of $12.8 million for 2011.
The main driver of the rising annual pay raises comes from a average 22% rise in stock and options awarded. The increase in stock and options awards has been used to offset cash bonuses awarded, as banking regulators crack down on cash awards.
Jamie Dimon’s pay, the highest in the group of 15, was $23.1 million in 2011.
And they say Wall Street’s not back…
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