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Compensation climbs for Big 4 bank CEOs in 2018 despite stock losses

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Compensation climbs for Big 4 bank CEOs in 2018 despite stock losses

Total compensation increased for all of the Big Four U.S. bank CEOs in 2018, despite weak stock performances across the group.

At JPMorgan Chase & Co., the largest U.S. bank by assets, Chairman and CEO Jamie Dimon's compensation rose 6.1% year over year to $30.0 million in 2018. In 2018, JPMorgan shares lost 8.7% of their value, compared to a 6.2% loss for the broad market S&P 500 index, although the company's return on equity rose to 12.7% in 2018 from 9.6% a year earlier.

Michael Corbat, the head of Citigroup Inc., was the second-highest compensated Big Four CEO in 2018. He received $24.2 million, marking a 35.9% jump from a year earlier, even as Citi's share price lost 30% during the year.

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Brian Moynihan, chairman and CEO of Bank of America Corp., slipped to the No. 3 position at $22.4 million in total compensation, although the amount still represents a 5.4% increase over his prior-year pay. Bank of America's share price fell by more than 16% during 2018.

Timothy Sloan, Wells Fargo & Co.'s former CEO, remained the lowest-paid chief executive in the group with $18.4 million in total adjusted compensation last year. Wells Fargo's share price sank about 24% over the course of 2018, and Sloan stepped down as chief executive in late March.

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The increases in the executives' total compensation came almost entirely in the form of stock grants. Compared to 2017, the cash portion of Sloan's compensation packages actually decreased, while for Dimon, Corbat and Moynihan, it ticked up modestly.

Corbat once again took home the most cash, at $8.3 million.

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