JPMorgan Chase & Co.'s former CFO, Marianne Lake, was the highest-paid CFO in the U.S. banking industry in 2018, with $14.2 million in total compensation, a 9.3% increase from 2017.
The next three spots belonged to the other executives at the "Big 4" banks. Wells Fargo & Co.'s CFO, John Shrewsberry, received $12.5 million in total compensation, while Bank of America Corp.'s Paul Donofrio and Citigroup Inc.'s John Gerspach received $11.9 million and $11.8 million, respectively, in 2018.
Mike Roffler of San Francisco-based First Republic Bank made $5.4 million in 2018, making him the fifth-highest paid CFO in the industry. At the end of 2018, First Republic reported $99.21 billion in assets.
By comparison, Terry Dolan, CFO at U.S. Bancorp, the fifth-largest U.S. bank, with $467.37 billion in assets at the end of 2018, earned $4.9 million.
New York-based CIT Group Inc.'s John Fawcett led banks with $10 billion to $50 billion in assets, with $3.5 million in compensation. He was the ninth-highest paid CFO in the industry.
Yorktown Heights, N.Y.-based PCSB Financial Corp.'s former CFO, Scott Nogles, saw his pay skyrocket 518.7% to $2.7 million, making him the highest-paid CFO among banks and thrifts with $1 billion to $10 billion in assets.
PCSB's compensation data is for the year ended June 30. Nogles was promoted to COO from CFO, effective July 1.
Everett, Wash.-based Coastal Financial Corp.'s CFO, Joel Edwards, received a 30.7% increase in his total compensation, which jumped to $511,000, making him the highest-paid CFO among banks and thrifts with less than $1 billion in assets.