The interest rate and trading environment may not have been ideal in 1994, but that didn't keep the top officers at many large banks from taking home more than $1 million apiece in total compensation last year, according to a survey compiled by the American Banker.

Although the 1993 Tax Act discourages all U.S. companies from paying more than $1 million in salary to chief executives, banks, like their counterparts in other industries, rewarded their managers with big cash bonuses and stock options.

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