US Bank CEO Pay Soars: Gap Widens with Workers

The compensation of top executives at the largest U.S. Banks surged in 2025, with six leaders collectively earning over $250 million, potentially exacerbating the gap with average bank employees. The heads of JPMorgan, Bank of America, Citigroup, Goldman Sachs, Wells Fargo, and Morgan Stanley each received $40 million or more in annual pay, according to recent regulatory filings.

Brian Moynihan, CEO of Bank of America, received a $41 million pay award for 2025, disclosed in a regulatory filing late on Friday. This represents a 22 percent increase in average pay for the six CEOs compared to the prior year. With their average remuneration already standing at 298 times that of their median bank employees in 2024, the raises are likely to further widen the disparity at a time when inflationary pressures and modest wage growth are impacting affordability for many Americans.

Despite concerns about equity, the CEOs oversaw an average stock price gain of 42 percent last year – a key metric used to evaluate executive performance. “It’s bull market banking with bull market results and bull market pay for the CEOs,” said Wells Fargo banking analyst Mike Mayo. “Directionally, it’s correct.”

David Solomon, CEO of Goldman Sachs, was the highest-paid among the group, with a total package of $47 million. This included a $10.1 million cash bonus, $31.5 million in stock, and $3.4 million in carried interest from the funds the bank manages. Goldman Sachs added carried interest to Solomon’s compensation a year prior to align his pay with that of leaders at large asset management firms, aiming to retain top talent.

Moynihan’s pay award marked a 17 percent increase over the previous year. The disclosure followed a similar announcement from Citigroup, which revealed that CEO Jane Fraser received $42 million for the same period, a nearly 25 percent increase. Fraser also received a $25 million retention bonus in October.

Jamie Dimon, CEO of JPMorgan, received $43 million, while Ted Pick, CEO of Morgan Stanley, was awarded $45 million.

The surge in market capitalization for U.S. Banks over the past year has been a significant factor in the increased executive compensation. This growth was fueled by Donald Trump’s deregulatory agenda and a resurgence in investment banking activity. Banks have benefited from the rollback of regulations implemented in the wake of the 2008 financial crisis.

In 2024, U.S. Regulators proposed measures to allow higher leverage for the largest banks, overhauled annual banking stress tests used to determine capital requirements, and rescinded lending guidance for riskier loans.

Mayo suggested the higher pay packages also reflect confidence in bank performance over the coming years, anticipating record revenue from traditional banking and capital markets activities.

Beyond broader market conditions and regulatory easing, individual bank milestones also contributed to the increased compensation. Citigroup, which has historically lagged behind its peers in both performance and executive pay, experienced a significant turnaround. The bank’s stock reached its highest level since the financial crisis in July, driven by Fraser’s “bold choices” and the completion of over 80 percent of its restructuring plan, according to the board.

Wells Fargo’s Charlie Scharf oversaw the removal of a $2 trillion asset cap imposed by regulators in June. The cap, a consequence of the bank’s “fake accounts” scandal – where employees opened accounts without customer knowledge – had been a significant constraint on the bank’s growth.

Both Fraser and Scharf were appointed chair of their respective companies in 2025, in addition to their roles as CEO. This combined CEO and chair structure is common at JPMorgan, Morgan Stanley, Bank of America, and Goldman Sachs. Fraser also received a $25 million retention bonus in October.