An average pay of the fifteen largest banks’ chiefs in Europe and the U.S. was estimated at $11.5 million in 2012, The Financial Times said.
Compared to 2011, it dropped by 10%, marking the first pay cut for bank executives in three years. In 2010, salaries rose by 36%, followed by a 12% rise in 2011. According to FT, investors considered top managers’ payouts too high and decided to reduce them.
The introduction of new rules on bankers' bonuses by the European Parliament is said to be another reason for the pay reduction.
The average wage study of the largest banks’ heads carried out by FT covers fifteen financial institutions including HSBC, Lloyds, Citigroup, etc. As of 2012, John Stumpf of Wells Fargo ranked first with the check of $19.3 million. He is followed by JP Morgan's Jamie Dimon with $18.7 million pay package. Lloyd Blankfein, the CEO of Goldman Sachs, hauled in over $13 million.
