JPMorgan Chase & Co.'s Jamie Dimon is once again the highest-paid U.S. bank CEO, as 2019's highest-paid CEO, Wells Fargo & Co.'s Charles Scharf, slid to fourth in 2020.
The 65-year-old Dimon, who has been at the helm of JPMorgan since 2005, received $31.6 million in cash and stock compensation in 2020, which was just 0.2% higher than what he received in 2019. Dimon was also the highest paid bank CEO in 2016, 2017 and 2018.
Meanwhile, Scharf's total adjusted compensation fell to $20.4 million — a 43.9% drop year over year — as his stock awards dropped by over $15 million. Scharf received an outsized stock grant in 2019 after he took the reins as CEO in October of that year.
Bank of America Corp.'s Brian Moynihan and Citigroup Inc.'s former CEO, Michael Corbat, were the second- and third-highest-paid U.S. bank CEOs in 2020, receiving $25.3 million and $23.0 million in total adjusted compensation, respectively. Jane Fraser took over as CEO at Citigroup in February.
PNC Financial Services Group Inc.'s William Demchak, the fifth highest-paid CEO overall, was also the highest-paid CEO among banks with assets between $50 billion and $500 billion as of year-end 2020. Demchak's total adjusted compensation dropped 5.3% in 2020 to $14.5 million. PNC's blockbuster $11.57 billion acquisition of BBVA USA Bancshares Inc. closed June 1.
Citizens Financial Group Inc.'s CEO, Bruce Van Saun, saw his total adjusted compensation jump 44.8% last year to $14.3 million, making him the sixth-highest paid CEO overall and second-highest paid CEO among banks with assets between $50 billion and $500 billion. Under Van Saun's management, earlier this year Citizens Financial announced back-to-back deals to acquire Investors Bancorp Inc. and most of HSBC USA Inc.'s branches and its online deposit business.
Among banks with $10 billion to $50 billion in assets, Western Alliance Bancorp.'s Kenneth Vecchione received the highest compensation package in 2020 at $6.3 million, a 19.2% increase year over year.
Damian Kozlowski, CEO of The Bancorp Inc., received $4.7 million in total adjusted compensation in 2020 — nearly double what he received in 2019 — making him the highest-paid chief executive among banks with between $1 billion and $10 billion in assets.
The Bancorp's board said it granted Kozlowski an increased pay package as it determined that, under his management, the bank exceeded financial, strategic, and stock performance metrics. The board also cited the improvements in enterprise risk management, including the termination of an FDIC consent order against Bancorp Bank, as a further reason for granting the increase.
Among CEOs of banks with under $1 billion in assets, Esquire Financial Holdings Inc.'s Andrew Sagliocca received the highest compensation package in 2020, taking in $1.8 million in cash and stock benefits, which was 8.7% less than what he received in 2019.