The 25 Highest Paid Banking Executives in 1999
| | |
| Published May 18, 2000 | |
| Rank 1999 | ROWSPAN=2 ALIGN="middle" >Rank 1998 | Name | Age | Title | Bank | Annual Compensation | Long-Term (3) | Total 1999 | ||
| 1999 | 1998 | % Change | ||||||||
| 1 | 6 | John B. McCoy (1) | 56 | President & CEO | Bank One Corp. | $12,010,152 | $7,269,316 | 65.22% | $14,012,552 | $26,022,704 |
| 2 | 10 | Walter V. Shipley | 64 | Chairman & CEO (2) | Chase Manhattan Corp. | 11,155,000 | 6,280,224 | 77.62 | 2,383,017 | 13,538,017 |
| 3 | NR | Frank N. Newman | NA | Chairman & CEO | Bankers Trust Corp. | 11,000,000 | 1,740,000 | 532.18 | - | 11,000,000 |
| 4 | 5 | Sanford I. Weill | 66 | Chairman & Co-CEO | Citigroup Inc. | 10,183,073 | 7,432,589 | 37.01 | 4,356,698 | 14,539,771 |
| 5 | 3 | John S. Reed | 61 | Chairman & Co-CEO | Citigroup Inc. | 9,943,859 | 9,615,400 | 3.42 | 3,250,866 | 13,194,725 |
| 6 | 9 | Yves C. De Balmann | NA | Vice Chairman | Bankers Trust Corp. | 7,500,000 | 6,488,423 | 15.59 | - | 7,500,000 |
| 7 | 13 | Mayo A. Shattuck III | 45 | Vice Chairman | Bankers Trust Corp. | 7,500,000 | 5,489,700 | 36.62 | - | 7,500,000 |
| 8 | NR | J. Edward Virtue | NA | Vice Chairman | Bankers Trust Corp. | 7,500,000 | N/A | N/A | - | 7,500,000 |
| 9 | 21 | Richard M. Kovacevich | 55 | President & CEO | Wells Fargo & Co. | 6,507,185 | 4,187,247 | 55.40 | 6,422,569 | 12,929,754 |
| 10 | 11 | William B. Harrison Jr. | 56 | Chairman & CEO | Chase Manhattan Corp. | 6,258,558 | 5,880,610 | 6.43 | 2,307,783 | 8,566,341 |
| 11 | 14 | Charles M. Cawley | 59 | President | MBNA Corp. | 5,608,580 | 5,196,825 | 7.92 | 5,794,375 | 11,402,955 |
| 12 | 22 | Paul Hazen | 57 | Chairman | Wells Fargo & Co. | 5,583,483 | 3,960,142 | 40.99 | 5,859,375 | 11,442,858 |
| 13 | 16 | Terrance Murray | 60 | Chairman & CEO | Fleet Boston Corp. | 5,375,434 | 4,771,959 | 12.65 | 14,800,000 | 20,175,434 |
| 14 | NR | Douglas A Warner III | 53 | Chairman | J.P. Morgan & Co. | 5,316,151 | 1,893,721 | 180.73 | 4,600,000 | 9,916,151 |
| 15 | 18 | Alfred Lerner | 66 | Chairman | MBNA Corp. | 5,000,000 | 4,500,000 | 11.11 | 5,794,375 | 10,794,375 |
| 16 | 25 | Thomas H. O' Brien | 62 | Chairman & CEO | PNC Bank Corp. | 4,677,131 | 3,723,956 | 25.60 | - | 4,677,131 |
| 17 | NR | Walter Gubert | 52 | Vice Chairman | J.P. Morgan & Co. | 4,607,300 | 1,533,117 | 162.34 | 3,375,000 | 7,982,300 |
| 18 | 36 | Charles K. Gifford | 57 | President & COO | Fleet Boston Corp. | 4,473,349 | 2,958,185 | 51.22 | 11,100,000 | 15,573,349 |
| 19 | 34 | Les Biller | 51 | Vice Chairman & CFO | Wells Fargo & Co. | 4,439,117 | 3,124,313 | 42.08 | 812,500 | 5,251,617 |
| 20 | 27 | Robert I. Lipp | 61 | Chairman & CEO | Citigroup Inc. | 4,288,877 | 3,699,840 | 15.92 | 1,866,660 | 6,155,537 |
| 21 | NR | Roberto G. Mendoza | 54 | Vice Chairman | J.P. Morgan & Co. | 4,156,446 | 1,559,034 | 137.16 | 3,026,250 | 7,182,696 |
| 22 | 28 | Hugh L. McColl, Jr. | 63 | Chairman & CEO | Bank of America Corp. | 4,069,442 | 3,677,414 | 10.66 | 44,700,000 | 48,769,442 |
| 23 | 30 | Mary Cirillo | NA | Exec. Vice President | Bankers Trust Corp. | 4,000,000 | 3,396,700 | 17.76 | - | 4,000,000 |
| 24 | NR | Thomas Ketchum | 49 | Chief Administrative Officer | J.P. Morgan & Co. | 3,731,818 | 1,390,556 | 168.37 | 2,700,000 | 6,431,818 |
| 25 | 49 | Robert J. Higgins | 54 | President | Fleet Boston Corp. | 3,728,730 | 2,387,584 | 56.17 | 11,100,000 | 14,828,730 |
| Totals for the Highest Paid Bank Executives in 1999 | $158,613,685 | $102,156,855 | 55.26% | 148,262,020 | $306,875,705 | |||||
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 25 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.
(1) retired as CEO on 12/21/99. (2) CEO from May 1999 & Chairman from December 1999. (3) Based on actual value of restricted stock awards or actual restricted stock award (realized); i.e., (total # shs) multiplied by (value of stock as of 12/31/99).
NR - not ranked in American Banker 1998 Top 25.
© 2000 American Banker