After a decline in 2023, CEO compensation at several of the largest U.S. banks saw significant increases in 2024. Financial Planning reports that recent regulatory filings reveal that the chief executives of Goldman Sachs, Bank of America, Capital One Financial, JPMorgan Chase, and Wells Fargo all received substantial pay raises, primarily in the form of equity-based compensation. These increases reflect banks' efforts to retain top leadership amid ongoing market uncertainty and strong financial performances over the past year.

David Solomon – Goldman Sachs

2023 Compensation: $31 million
2024 Compensation: $39 million (+25.8%)

Goldman Sachs awarded CEO David Solomon a 25.8% pay increase, bringing his total compensation to $39 million. His 2024 package includes $25.9 million in performance-based restricted stock awards, up from $20.3 million the previous year. Although his cash bonus slightly declined from $8.7 million to $8.3 million, a new component—$2.8 million in carried interest—was introduced to align his compensation with the firm's alternative investment strategy. Financial Planning reports that to ensure leadership stability, the board also granted Solomon an additional $80 million in restricted stock units, which will vest over five years.

Brian Moynihan – Bank of America

2023 Compensation: $29 million
2024 Compensation: $35 million (+20.7%)

Bank of America CEO Brian Moynihan's compensation rose by 20.7% to $35 million. His package comprises a $1.5 million base salary and $33.5 million in equity incentive awards. Unlike other CEOs, Moynihan did not receive a cash bonus. The board cited his leadership in driving the bank's "responsible growth" strategy, stable credit costs, and 30% stock price appreciation.

Richard Fairbank – Capital One Financial

2023 Compensation: $26.5 million
2024 Compensation: $31 million (+17%)

Capital One CEO Richard Fairbank's compensation increased by 17% to $31 million. Notably, he does not receive a base salary but instead receives deferred cash bonuses and equity awards. His 2024 package includes a $5.5 million deferred cash bonus and $20.5 million in performance-based share awards.

Jamie Dimon – JPMorgan Chase

2023 Compensation: $36 million
2024 Compensation: $39 million (+8.3%)

JPMorgan Chase CEO Jamie Dimon received an 8.3% pay increase, bringing his total compensation to $39 million. His package includes a $1.5 million base salary, a $5 million cash bonus, and $32.5 million in performance-based share units. JPMorgan posted a record revenue of $180.6 billion in 2024, with net income reaching $58.5 billion. The company's return on tangible common equity stood at 22%, surpassing its peers. While Dimon has long stated he plans to remain CEO for another five years, recent comments suggest a shorter timeline, according to Financial Planning.

Charlie Scharf – Wells Fargo

2023 Compensation: $29 million
2024 Compensation: $31.2 million (+7.6%)

Wells Fargo CEO Charlie Scharf's compensation increased to $31.2 million, reflecting a7.6% raise. His 2024 pay package consists of a $2.5 million base salary, a $7.2 million cash bonus, and $21.5 million in equity awards.

With more banks, including Citigroup and Morgan Stanley, set to release executive compensation details in the coming weeks, the upward trend in CEO pay raises appears to be continuing. According to Financial Planning, the increases highlight the competitive landscape for top banking talent and the importance of strong financial performance in determining executive compensation.

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