New Fact Sheet (April 2022): Bank CEO’s Are Getting Double Digit Pay Raises, Leaving Most Bank Workers Far Behind
With most bank workers receiving 1-3% cost-of-living increases this year (well below the current inflation rate), many workers feel woefully unappreciated. While several banks have increased starting minimum wages, anywhere from $15 to $25 an hour, many long time employees now find themselves making at or just barely above their bank’s new minimum wage. In contrast, the top bank CEO’s have been announcing double-digit pay raises lately. With raises ranging from 10% up to 30%, bank CEOs are seeing multi-million dollar increases to their pay. Check out CBB's new bank CEO fact sheet to get all the details.
JPMorgan Chase: CEO Jamie Dimon is getting a 10% raise to a whopping $34.5 million, making him the highest paid CEO among the largest retail banks. If you make $20 an hour, he makes 829 times what you make in a year. But that’s not all, last year Dimon also received a one time special award of 1.5 million options valued at $52,620,000!2
Bank of America: CEO Brian Moynihan got a 30% raise to $32 million. If you make $25 an hour, he makes 769 times your annual compensation.
Wells Fargo: CEO Charlie Scharf just announced he is getting a 20% raise bumping his total compensation up to $24.5 million. Scharf makes 589 times employees making $20 an hour and 654 times employees making $18 an hour.4 While Scharf’s pay is going up, the median pay at Wells Fargo actually declined by 1.14% from 2020 to 2021. The median pay declined from $74,416 in 2020 down to $73,578 in 2021.
Citibank: New CEO Jane Fraser got an 18.2% bump above Citi’s previous CEO up to $22.5 million, although her compensation is less than her male counterpart made in 2018 and 2019. If you make $15 an hour, Citi’s minimum wage, Fraser makes 721 times more than you every hour you work.
US Bank: CEO Andrew Cecere was awarded a 14% raise to $19.4 million. For employees making $20 an hour, Cecere makes 466 times more every hour.
his total compensation to $14.6 million. For employees making $20 an hour, Rogers makes 368 times more per hour.
With bank CEO pay skyrocketing while most bank workers’ salaries stay stagnant, more are joining the Committee for Better Banks to organize a collective voice, to take collective action, and gain the right to collectively bargain by forming a union with their coworkers.