Chief executives at European banks are getting a rough deal compared to their American counterparts, according to new research published in the Financial Times.
The research, by PriceWaterhouseCooper and commissioned by the FT, shows that on average, chief executives in major American banks earn more than twice than those in charge of European banks.
In 2014, the CEOs of the nine largest Europe based banks, which include the likes of HSBC, Barclays, and Credit Suisse, received an average compensation package of £4.8 million ($7.3 million), including bonuses, basic pay, and long term incentives such as stock awards.
In comparison, the chief executives of the ‘big five’ banks in the USA — Goldman Sachs, JP Morgan, Morgan Stanley, Bank of America Merrill Lynch, and Citigroup — each received total pay averaging in excess of £10 million ($15.2 million), according to the FT. Chief executives of big banks in America can earn monumental sums. According to various sources, thanks to huge paydays, both Goldman Sachs CEO Lloyd Blankfein and JP Morgan’s Jamie Dimon became billionaires in the summer.