Dimon Extends Reign as Best-Paid Wall Street CEO, Edging Gorman
(Bloomberg) -- For the second straight year, Jamie Dimon was the highest-paid chief executive officer of a Wall Street bank, while Michael Corbat got the biggest raise for 2017.
Dimon, the JPMorgan Chase & Co. CEO, was paid $29.5 million, a 5.4 percent raise that was the smallest increase among the five biggest Wall Street banks. Citigroup Inc. boosted Corbat’s pay 48 percent to $23 million.
Corbat, 57, oversaw a 25 percent jump in Citigroup’s shares last year that outpaced the 16 percent increase in the 24-company KBW Bank Index. Revenue climbed 2.3 percent from 2016 to $71.4 billion. Dimon’s award was his second-biggest since taking the top job in 2005. JPMorgan posted record adjusted profit of $26.5 billion for 2017 and its shares rose 24 percent.
Goldman Sachs Group Inc. CEO Lloyd Blankfein, once the highest-paid CEO on Wall Street, lagged behind Dimon and Morgan Stanley’s James Gorman. Blankfein’s award rose 9 percent to $24 million after Goldman posted a 30 percent plunge in fixed-income trading revenue for the year. The firm’s market value dropped below Morgan Stanley’s last month, snapping a 4,105-day streak that started in 2006.
Morgan Stanley gave Gorman the second-biggest package for 2017, a $27 million award that was 20 percent higher than a year earlier.
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