Here’s another reason to hate US bankers…
US bank CEOs are paid drastically more than their counterparts around the world. The CEO of Commercial Bank of China, the largest bank in the world, brings home just $234,700 a year—or roughly 2% of JP Morgan boss Jamie Dimon’s $19.6 million haul.
The US has only four of the world’s 20 biggest banks, but all four are among the top six in CEO compensation, says a Reuters analysis.
The 10 highest-paid CEOs for 2008 at Standard & Poor's 500 companies based on calculations by The Associated Press are shown in this photo combo.
Outside of China, all of the CEOs made more than $1 million, but still well below US levels. The highest paid non-American was Banco Santander SA’s Alfredo Saenz at $13.66 million, and pay fell swiftly from there.
“US executive pay levels have always dwarfed pay for companies elsewhere,” says one Wall Street critic. Yet “somehow they manage to find people who can run major global firms while making a fraction of what” the Americans make.
More on this report here.
#1 by frank! on September 23, 2009 - 6:41 pm
thanks for ruining my evening
#2 by sj on September 24, 2009 - 3:02 pm
One reason given that bankers take huge bonuses is: that they take huge risks! They don’t, they are all underwritten by us -the taxpayer.
Another reason often touted to explain their huge salaries: they would go else where if they weren’t! Um! Good.
It reminds me of a surgeon, operates appallingly, cuts off the wrong leg! Now would you really want that same surgeon to operate on you again?