The 50 Highest Paid Banking Executives in 1998

+++ part 1 of 4

'97

Rank Ran Age Title

1 59 Verne G. Istock 58

2 New Charles E. Rice (a) (1) 63

3 20 John S. Reed (2) 60

4 9 Thomas A. Renyi 53

5 New Sanford I. Weill 65

6 3 John B. McCoy 55

7 New Duncan P. Hennes (a) (3 42

8 New David J. Vitale 52

9 18 Yves C. de Balmann 52

10 5 Walter V. Shipley 63

11 11 William B. Harrison Jr. 55

12 7 Thomas G. Labrecque 59

13 10 Mayo A. Shattuck 44

14 13 Charles M. Cawley 58

15 New James Dimon (4) 43

16 21 Terrence Murray 59

17 23 Deno D. Papageorge 60

18 17 Alfred Lerner 65

19 New Terrence A. Larsen (a) 52

20 39 Frank V. Cahouet (6) 66

21 24 Richard M. Kovacevich 54

22 35 Paul Hazen 56

23 New Deryck C. Maughan 51

24 25 Edward E. Crutchfield 56

25 29 Thomas H. O'Brien 61

26 33 Alan R. Griffith 56

27 New Robert I. Lipp (7) 60

28 15 Hugh L. McColl, Jr. 62

29 14 Richard J. Lehmann 53

30 New Mary Cirillo 51

31 27 Bruce L. Hammonds 49

32 28 John R. Cochran III 46

33 43 Gerald L. Hassell 47

34 40 Les Biller 50

35 34 M. Scot Kaufman 48

36 26 C.K. Gifford 55

37 52 Marc J. Shapiro 51

38 New Robert J. Bennett (a) ( 57

39 75 Wallace D. Malone Jr. 61

40 46 John R. Georgius 53

41 New H.C. Meirelles 53

42 90 Rodney L. Jacobs 57

43 37 John F. Grundhofer (9) 59

44 New G. Kennedy Thompson 48

45 2 Gerry B. Cameron (10) 59

46 38 Michael J. Murray (11) 53

47 31 James H. Hance 53

48 30 Kenneth D. Lewis 50

49 65 Robert J. Higgins 53

50 45 Donald L. Boudreau 58

Totals for the 50 highest paid bankers in 1998

part 2 of 4

'97 Annual Compensation

Rank Ran Bank Annual % Change

1 59 Chairman Bank One Corp.

2 New Chairman Bank of America Corp.

3 20 Co-Chairman Citigroup Inc.

4 9 Chairman Bank of New York Co.

5 New Co-Chairman Citigroup Inc.

6 3 President & CEO Bank One Corp.

7 New Executive Vice PresideBankers Trust Corp.

8 New Vice Chairman Bank One Corp.

9 18 Vice Chairman Bankers Trust Corp.

10 5 Chairman Chase Manhattan Corp.

11 11 Vice Chairman Chase Manhattan Corp.

12 7 President Chase Manhattan Corp.

13 10 Vice Chairman Bankers Trust Corp.

14 13 President MBNA Corp.

15 New Chief Executive OfficeCitigroup Inc.

16 21 Chairman Fleet Financial Group

17 23 Executive Vice PresideBank of New York Co.

18 17 Chairman MBNA Corp.

19 New Vice Chairman First Union Corp.

20 39 Chairman Mellon Bank Corp.

21 24 President & CEO Wells Fargo & Co.

22 35 Chairman Wells Fargo & Co.

23 New Vice Chairman Citigroup Inc.

24 25 Chairman First Union Corp.

25 29 Chairman PNC Bank Corp.

26 33 Vice Chairman Bank of New York Co.

27 New Co-Chief Executive OffCitigroup Inc.

28 15 Chairman Bank of America Corp.

29 14 Vice Chairman Bank One Corp.

30 New Executive Vice PresideBankers Trust Corp.

31 27 Executive Vice PresideMBNA Corp.

32 28 Executive Vice PresideMBNA Corp.

33 43 President Bank of New York Co.

34 40 Vice Chairman Wells Fargo & Co.

35 34 Executive Vice PresideMBNA Corp.

36 26 Chairman BankBoston Corp.

37 52 Vice Chairman Chase Manhattan Corp.

38 New Chairman M&T Bank Corp.

39 75 Chief Executive OfficeSouthTrust Corp.

40 46 President First Union Corp.

41 New President BankBoston Corp.

42 90 Vice Chairman Wells Fargo & Co.

43 37 President & CEO US Bancorp

44 New Vice Chairman First Union Corp.

45 2 Chairman US Bancorp

46 38 President Bank of America Corp.

47 31 Vice Chairman Bank of America Corp.

48 30 President Bank of America Corp.

49 65 President Fleet Financial Group

50 45 Vice Chairman Chase Manhattan Corp.

part 3 of 4

'97

Rank Ran Annual % Long-Term Total

1 59 Bank One Corp.$16,552,234 $2,063,806

2 New Bank of Americ 10,019,720 N/A

3 20 Citigroup Inc. 9,615,400 4,090,000

4 9 Bank of New Yo 7,546,535 5,632,771

5 New Citigroup Inc. 7,432,589 7,454,707

6 3 Bank One Corp. 7,269,316 6,956,961

7 New Bankers Trust 7,122,300 N/A

8 New Bank One Corp. 6,695,834 1,247,823

9 18 Bankers Trust 6,488,423 7,250,000

10 5 Chase Manhatta 6,280,224 6,195,417

11 11 Chase Manhatta 5,880,610 5,344,167

12 7 Chase Manhatta 5,818,494 5,705,417

13 10 Bankers Trust 5,489,700 5,566,700

14 13 MBNA Corp. 5,196,825 4,976,012

15 New Citigroup Inc. 4,950,204 5,255,607

16 21 Fleet Financia 4,772,319 3,792,200

17 23 Bank of New Yo 4,516,668 3,535,614

18 17 MBNA Corp. 4,500,000 4,500,000

19 New First Union Co 4,401,525 N/A

20 39 Mellon Bank Co 4,278,744 2,715,433

21 24 Wells Fargo & 4,187,247 3,472,111

22 35 Wells Fargo & 3,960,142 2,866,328

23 New Citigroup Inc. 3,922,792 4,287,500

24 25 First Union Co 3,847,564 3,409,075

25 29 PNC Bank Corp. 3,723,956 3,159,500

26 33 Bank of New Yo 3,714,746 2,946,346

27 New Citigroup Inc. 3,699,840 3,731,250

28 15 Bank of Americ 3,677,414 4,638,382

29 14 Bank One Corp. 3,452,544 4,715,838

30 New Bankers Trust 3,396,700 3,821,400

31 27 MBNA Corp. 3,324,694 3,197,158

32 28 MBNA Corp. 3,301,067 3,191,775

33 43 Bank of New Yo 3,212,585 2,515,691

34 40 Wells Fargo & 3,124,313 2,626,803

35 34 MBNA Corp. 3,050,924 2,874,170

36 26 BankBoston Cor 2,958,185 3,367,350

37 52 Chase Manhatta 2,862,527 2,227,116

38 New M&T Bank Corp. 2,859,451 N/A

39 75 SouthTrust Cor 2,827,305 1,776,142

40 46 First Union Co 2,812,148 2,350,032

41 New BankBoston Cor 2,782,596 3,117,530

42 90 Wells Fargo & 2,643,225 1,482,367

43 37 US Bancorp 2,638,632 2,780,985

44 New First Union Co 2,553,459 3,078,058

45 2 US Bancorp 2,453,846 7,661,357

46 38 Bank of Americ 2,448,263 2,779,089

47 31 Bank of Americ 2,446,296 3,088,250

48 30 Bank of Americ 2,441,288 3,088,250

49 65 Fleet Financia 2,387,584 1,850,000

50 45 Chase Manhatta 2,343,173 2,360,000

$227,882,170$174,742,488

part 4 of 4

'97

Rank Ran Annual % Change

1 59 Bank On 702% $16,552,234

2 New Bank of N/A $14,750,000 24,769,720

3 20 Citigro 135 9,615,400

4 9 Bank of 34 7,546,535

5 New Citigro N/M 3,109,579 10,542,168

6 3 Bank On 4 1,828,474 9,097,790

7 New Bankers N/A 1,494,800 6,695,834

8 New Bank On 437 10,807,497

9 18 Bankers -10 2,391,700 9,180,042

10 5 Chase M 1 4,527,273 7,773,267

11 11 Chase M 10 3,299,432 6,451,825

12 7 Chase M 2 1,954,773 4,950,204

13 10 Bankers -1 9,670,757

14 13 MBNA Co 4 1,255,000 4,516,668

15 New Citigro -6 5,755,000

16 21 Fleet F 26 4,898,438 10,614,025

17 23 Bank of 28 6,335,620

18 17 MBNA Co 0 1,255,000 5,687,247

19 New First U N/A 6,212,500 14,757,017

20 39 Mellon 58 2,056,876 5,559,582

21 24 Wells F 21 1,500,000 6,913,315

22 35 Wells F 38 10,796,875 7,005,194

23 New Citigro -9 1,636,790 3,714,746

24 25 First U 13 3,065,751 5,186,461

25 29 PNC Ban 18 3,281,238 3,677,414

26 33 Bank of 26 4,619,278

27 New Citigro -1 1,486,621 4,579,694

28 15 Bank of -21 4,556,067

29 14 Bank On -27 1,166,734 3,212,585

30 New Bankers N/M 3,124,313

31 27 MBNA Co 4 1,255,000 4,305,924

32 28 MBNA Co 3 1,255,000 2,958,185

33 43 Bank of 28 4,797,565

34 40 Wells F 19 2,859,451

35 34 MBNA Co 6 1,255,000 3,413,409

36 26 BankBos -12 12,038,047

37 52 Chase M 29 1,935,038 2,643,225

38 New M&T Ban N/A 2,638,632

39 75 SouthTr 59 586,104 3,363,445

40 46 First U 20 9,225,899 2,453,846

41 New BankBos -11 2,626,563

42 90 Wells F 78 13,148,263

43 37 US Banc -5 13,146,296

44 New First U -17 809,986 13,141,288

45 2 US Banc -68 5,130,709

46 38 Bank of -12 10,700,000 4,278,211

47 31 Bank of -21 10,700,000 2,335,101

48 30 Bank of -21 10,700,000 2,294,910

49 65 Fleet F 29 2,743,125 3,077,493

50 45 Chase M N/M 1,935,038 2,257,625

30% $125,068,044 $336,375,687

Data source : The source of the data is the proxy statement which is available for publicly traded companies only. Banks that are not publicly traded, such as banks owned by foreign banks, are surveyed directly. Please note that in most cases the proxy statement identifies the five highest paid officers only. It is possible that officers ranked below the top five within their bank may have compensation that would rank them among the top 50 listed above. Annual compensation is the annual cash-equivalent compensation paid to the executive. It includes base salary, annual bonus, and other annual compensation. Total compensation is annual compensation plus long-term compensation. Long-term compensation includes annual cash, stock, or performance unit awards paid or credited during the fiscal year in accordance with multiyear performance goals. This includes restricted stock awards, long-term incentive awards whether paid in cash or stock (but not stock options), and other long-term compensation. (a) Previous year's figures unavailable. (1) started with Bank of America in January 1998, previously employed by Barnett Banks. (2) became an officer and director of Citigroup following the Citibank merger. (3) was named Executive Vice President at Bankers Trust in September 1998. (4) on November 2, 1998, resigned from his position as an executive officer of Citigroup. (5) retired as an director of First Union on June 30, 1998, previously a director at CoresStates. (6) retired as Chairman, Chief Executive Officer, and President of Mellon on December 31, 1998. (7) started with Citigroup in October 1998, following the merger with Travelers Group. (8) started with M&T Bank in April 1998, was previous Chairman of ONBANCorp Inc. (9) reassumed the position of Chairman at US Bancorp on January 1, 1999. (10) retired as Chairman of US Bancorp on December 31, 1998. (11) started with Bank of America in September 1998, previously an employee of the former BankAmerica Inc. N/M = change is less than 1%. ===