The 50 Highest Paid Banking Executives in 1997

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part 1 of 4

Rank Name of Bank Executive Title

1 J. Carter Bacot Chairman

2 Gerry B. Cameron Chairman

3 John B. McCoy Chairman

4 Frank N. Newman Chairman & President

5 Walter V. Shipley Chairman

6 A.B. Krongard (a)(1) Vice Chairman

7 Thomas G. Labrecque President

8 David A. Coulter Chairman

9 Thomas A. Renyi President

10 Mayo A. Shattuck 3d (a)( Vice Chairman

11 William B. Harrison Jr. Vice Chairman

12 R. Kelly Doherty Senior Vice President

13 Charles M. Cawley President

14 Richard L. Lehmann President

15 Hugh L. McColl Jr. Chairman

16 Andrew B. Craig 3d (a)(3 Chairman

17 Alfred Lerner Chairman

18 Yves C. de Balmann Senior Vice President

19 Robert D. Sznewajs (a)(4 Vice Chairman

20 John S. Reed Chairman

21 J. Terrence Murray President

22 Gary T. Duim (a)(5) Vice Chairman

23 Deno D. Papageorge Senior Executive Vice President

24 Richard M. Kovacevich President

25 Edward E. Crutchfield Jr Chairman

26 Charles K. Gifford Chief Executive Officer

27 Bruce L. Hammonds Executive Vice President

28 John R. Cochran 3d Executive Vice President

29 Thomas H. O'Brien Chairman

30 Kenneth D. Lewis President

31 James H. Hance Jr. Vice Chairman

32 Douglas A. Warner 3d Chairman & President

33 Alan R. Griffith Vice Chairman

34 M. Scot Kaufman Executive Vice President

35 Paul Hazen Chairman

36 William M. Crozier Jr. Chairman

37 John F. Grundhofer President & Chief Executive Officer

38 Michael J. Murray Vice Chairman

39 Frank V. Cahouet Chairman & President

40 Leslie S. Biller Executive Vice President

41 Roberto G. Mendoza Vice Chairman

42 Michael O'Neill Vice Chairman

43 Gerald L. Hassell Senior Executive Vice President

44 Kurt F. Viermetz Vice Chairman

45 Donald L. Boudreau (a)(6Vice Chairman National Cons. Ser.

46 John R. Georgius Vice Chairman

47 Marshall N. Carter Chairman

48 Eugene Lockhart (a)(7) President, Global Retail Bank

49 Robert W. Gillespie Chairman & President

50 Richard G. Tilghman Chairman

Totals for the top 50 highest paid bankers in 1997

part 2 of 4

Rank Age Name of Bank

1 65 Bank of New York Co.

2 59 U.S. Bancorp

3 54 Banc One Corp.

4 55 Bankers Trust New York Corp.

5 62 Chase Manhattan Corp.

6 62 Bankers Trust New York Corp.

7 59 Chase Manhattan Corp.

8 51 BankAmerica Corp.

9 52 Bank of New York Co.

10 44 Bankers Trust New York Corp.

11 54 Chase Manhattan Corp.

12 39 Bankers Trust New York Corp.

13 57 MBNA Corp.

14 53 Banc One Corp.

15 62 NationsBank Corp.

16 66 NationsBank Corp.

17 64 MBNA Corp.

18 51 Bankers Trust New York Corp.

19 52 U.S. Bancorp

20 59 Citicorp

21 58 Fleet Financial Group

22 53 U.S. Bancorp

23 59 Bank of New York Co.

24 54 Norwest Corp.

25 56 First Union Corp.

26 55 BankBoston Corp.

27 49 MBNA Corp.

28 46 MBNA Corp.

29 61 PNC Bank Corp.

30 50 NationsBank Corp.

31 53 NationsBank Corp.

32 51 J.P. Morgan & Co.

33 56 Bank of New York Co.

34 48 MBNA Corp.

35 56 Wells Fargo & Co.

36 65 BankBoston Corp.

37 59 U.S. Bancorp

38 53 BankAmerica Corp.

39 66 Mellon Bank Corp.

40 50 Norwest Corp.

41 52 J.P. Morgan & Co.

42 52 BankAmerica Corp.

43 47 Bank of New York Co.

44 58 J.P. Morgan & Co.

45 58 Chase Manhattan Corp.

46 53 First Union Corp.

47 57 State Street Corp.

48 49 BankAmerica Corp.

49 53 KeyCorp

50 57 Crestar Financial Corp.

Totals for

part 3 of 4

Annual Compensation

Rank Name of Bank 1997 1996 % Change

1 Bank of New Y$8,494,743 $5,510,764 54%

2 U.S. Bancorp 7,661,357 1,744,583 339%

3 Banc One Corp 6,956,961 2,695,986 158%

4 Bankers Trust 6,660,700 5,673,800 17%

5 Chase Manhatt 6,195,417 5,670,263 9%

6 Bankers Trust 5,866,700 N/A N/A

7 Chase Manhatt 5,705,417 5,250,407 9%

8 BankAmerica C 5,677,089 3,645,945 56%

9 Bank of New Y 5,632,771 3,273,390 72%

10 Bankers Trust 5,566,700 N/A N/A

11 Chase Manhatt 5,344,167 3,531,802 51%

12 Bankers Trust 5,050,700 3,093,800 63%

13 MBNA Corp. 4,976,012 4,722,015 5%

14 Banc One Corp 4,715,838 1,472,225 220%

15 NationsBank C 4,638,382 4,205,170 10%

16 NationsBank C 4,527,138 N/A N/A

17 MBNA Corp. 4,500,000 4,515,000

18 Bankers Trust 4,380,700 3,087,000 42%

19 U.S. Bancorp 4,304,136 N/A N/A

20 Citicorp 4,090,000 3,554,667 15%

21 Fleet Financi 3,792,200 3,426,343 11%

22 U.S. Bancorp 3,669,523 N/A N/A

23 Bank of New Y 3,535,614 2,324,827 52%

24 Norwest Corp. 3,472,111 3,324,510 4%

25 First Union C 3,409,075 3,305,882 3%

26 BankBoston Co 3,367,350 3,052,425 10%

27 MBNA Corp. 3,197,158 2,888,151 11%

28 MBNA Corp. 3,191,775 3,440,776 -7%

29 PNC Bank Corp 3,159,500 2,306,706 37%

30 NationsBank C 3,088,250 2,633,750 17%

31 NationsBank C 3,088,250 2,533,750 22%

32 J.P. Morgan & 3,060,291 3,264,151 -6%

33 Bank of New Y 2,946,346 1,912,881 54%

34 MBNA Corp. 2,874,170 2,420,460 19%

35 Wells Fargo & 2,866,328 2,946,061 -3%

36 BankBoston Co 2,790,030 1,723,786 62%

37 U.S. Bancorp 2,780,985 2,130,275 31%

38 BankAmerica C 2,779,089 1,626,257 71%

39 Mellon Bank C 2,715,433 2,296,217 18%

40 Norwest Corp. 2,626,803 1,633,218 61%

41 J.P. Morgan & 2,573,999 3,003,249 -14%

42 BankAmerica C 2,557,756 1,545,944 65%

43 Bank of New Y 2,515,691 1,486,525 69%

44 J.P. Morgan & 2,400,417 2,642,000 -9%

45 Chase Manhatt 2,360,000 N/A N/A

46 First Union C 2,350,032 2,283,536 3%

47 State Street 2,314,542 1,507,656 54%

48 BankAmerica C 2,310,227 N/A N/A

49 KeyCorp 2,271,265 1,472,063 54%

50 Crestar Finan 2,233,047 1,463,766 53%

Totals $126,241,982 $126,241,982 34%

part 1 of 4

Total

Rank Name of Bank Long-Term PCompensation

1 Bank of New York Co. $8,494,743

2 U.S. Bancorp $10,132,10217,793,459

3 Banc One Corp 1,079,764 8,036,725

4 Bankers Trust 4,204,600 10,865,300

5 Chase Manhatt 4,012,970 10,208,387

6 Bankers Trust 1,000,000 6,866,700

7 Chase Manhatt 3,507,440 9,212,857

8 BankAmerica Corp. 5,677,089

9 Bank of New York Co. 5,632,771

10 Bankers Trust 1,000,000 6,566,700

11 Chase Manhatt 2,746,387 8,090,554

12 Bankers Trust 4,151,000 9,201,700

13 MBNA Corp. 1,563,750 6,539,762

14 Banc One Corp 619,715 5,335,553

15 NationsBank Corp. 4,638,382

16 NationsBank C10,125,000 14,652,138

17 MBNA Corp. 1,563,750 6,063,750

18 Bankers Trust 3,821,000 8,201,700

19 U.S. Bancorp 5,533,803 9,837,939

20 Citicorp 4,090,000

21 Fleet Financi 1,980,000 5,772,200

22 U.S. Bancorp 5,022,845 8,692,368

23 Bank of New York Co. 3,535,614

24 Norwest Corp. 1,632,313 5,104,424

25 First Union C16,071,888 19,480,963

26 BankBoston Co 271,181 3,638,531

27 MBNA Corp. 1,042,500 4,239,658

28 MBNA Corp. 1,042,500 4,234,275

29 PNC Bank Corp. 3,159,500

30 NationsBank Corp. 3,088,250

31 NationsBank Corp. 3,088,250

32 J.P. Morgan & 2,350,000 5,410,291

33 Bank of New York Co. 2,946,346

34 MBNA Corp. 781,875 3,656,045

35 Wells Fargo & Co. 2,866,328

36 BankBoston Corp. 2,790,030

37 U.S. Bancorp 4,346,875 7,127,860

38 BankAmerica Corp. 2,779,089

39 Mellon Bank C 2,570,627 5,286,060

40 Norwest Corp. 2,626,803

41 J.P. Morgan & 1,732,500 4,306,499

42 BankAmerica Corp. 2,557,756

43 Bank of New York Co. 2,515,691

44 J.P. Morgan & 1,597,500 3,997,917

45 Chase Manhatt 1,620,508 3,980,508

46 First Union C 1,785,072 4,135,104

47 State Street Corp. 2,314,542

48 BankAmerica C 934,782 3,245,009

49 KeyCorp 408,072 2,679,337

50 Crestar Financial Corp. 2,233,047

Totals $100,252,319 $297,494,504

Data source: Proxy statements for publicly traded companies. Banks that are not publicly traded, such as those owned by foreign banks, are surveyed directly. In most cases the proxy statement identifies the five highest paid officers only. It is possible that officers ranked below the top five may have compensation that would rank them among the top 50 listed above. Annual compensation is the annual cash-equivalent pay. 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) was Vice Chairman since the merger with Alex. Brown Inc. in September 1997; as of February 2, 1998, resigned to become a counselor to the Director of the CIA. (2) started with Bankers Trust in September 1997, was previously President of Alex. Brown Inc. (3) started with NationsBank in January 1997; prior to merger with NationsBank was Chairman and CEO of Boatmen's Bancshares. (4) has been Vice Chairman of U.S. Bancorp since August 1997; was previously Vice Chairman of former U.S. Bancorp. (5) before October 1996 was head of corporate banking at U.S. Bancorp, (6) prior to December 1997 worked in consumer credit cards. (7) prior to May 1997 had an executive position with MasterCard International. American Banker 1998 ===