Executive compensation across the largest publicly traded wealth management firms continues be under the microscope – whether as an indicator of broader financial performance or for strategic direction. Recently, Financial Planning compiled CEO pay data for the top firms, as reflected below.
LPL Financial
Richard "Rich" Steinmeier, LPL's new CEO, earned $12 million in 2024. This marks a 29 percent decline from the $16.9 million paid to outgoing CEO Dan Arnold in 2023. Other senior leaders, such as Greg Gates and Matthew Enyedi, received $3.9 million and $2.9 million, respectively. The firm reported a CEO-to-employee pay ratio of 131 to 1, with median employee compensation at $91,783.
UBS
Sergio Ermotti earned $17 million in 2024 - a 20 percent increase from 2023. UBS cited successful Credit Suisse integration milestones and long-term growth positioning as the basis for his elevated pay.
Raymond James
CEO Paul Reilly saw his pay fall 31 percent to $24 million in 2024. His successor, Paul Shoukry, who took the reins in February, earned $8.5 million. COO Scott Curtis received $5.6 million. The firm noted its focus on attracting top talent through compensation aligned with shareholder interests. Median employee compensation stood at $119,044, and the CEO pay ratio reached 202 to 1.
Charles Schwab
Walter Bettinger's compensation rose 11 percent to $26.4 million. His successor, Rick Wurster, earned $12.5 million, while co-chairman Charles Schwab took home $8.6 million. The employee pay ratio reached 211 to 1, with a $125,038 median.
Ameriprise
CEO Jim Cracchiolo earned $28.8 million, up 12 percent from 2023. Joseph Sweeney, president of advice and wealth management products, made just over $6 million. The employee pay ratio stood at 210 to 1, with median pay of $134,226.
Edward Jones
Penny Pennington received $29.1 million in 2024, a 16 percent increase from the prior year. Kenneth Cella Jr., head of external affairs, made $22.3 million. The CEO pay ratio reached 252 to 1, with median compensation at $115,474.
BNY
CEO Robin Vince earned $29.4 million, a 28 percent increase. Catherine Keating, global head of BNY Wealth, received $7.3 million. BNY reported a striking CEO pay ratio of 363 to 1, based on median employee pay of $80,839.
Wells Fargo
Charles Scharf received $30.3 million, up 17 percent from 2023. The firm reported a CEO-to-employee pay ratio of 378 to 1, with a median employee salary of $80,296.
Morgan Stanley
New CEO Edward "Ted" Pick earned $34 million in 2024, slightly below the $37 million paid to former CEO James Gorman the prior year. Key executives Andrew Saperstein and Gorman each earned $27 million. With a median employee salary of $138,509, the CEO pay ratio stood at 245 to 1.
Citi
Jane Fraser received $34.5 million in total compensation, a 36 percent increase from 2023. Andy Sieg, head of wealth, made over $16 million. Citi's CEO pay ratio reached 492 to 1, with a median employee salary of $70,138.
Bank of America
CEO Brian Moynihan's pay increased 21 percent to $35 million. The CEO-to-employee pay ratio was 299 to 1, based on a $117,234 median.
Goldman Sachs
David Solomon led the list with $39 million in compensation, marking a 26 percent rise from the year prior. Goldman reported a 240 to 1 CEO pay ratio, with median employee pay of $162,703.
JPMorgan Chase
Jamie Dimon matched Solomon's $39 million pay, up 8 percent from 2023. Mary Callahan Erdoes, head of asset and wealth management, received $28.5 million. JPMorgan reported a 360 to 1 CEO pay ratio, with median employee pay at $108,218.
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