What the Best-Paid Wall Street CEOs Make And How Many People They Fire

Photo (cc) by aresauburn™

CNN Money has tracked the best-paid suits in finance and made a list ranking them. I thought it would be fun to compare that to layoff numbers.

At the outset, CNN mentions that Wells Fargo CEO John Stumpf couldn’t be included because the company hasn’t released his total compensation for 2012. If it were the same as in 2011, however, he would handily take second place.

At the top is Goldman Sachs CEO Lloyd Blankfein. Yep, he was in that role during the 2008 bailouts – he’s had it since 2006. (Which is when he picked it up from Henry Paulson, who was U.S. Treasury Secretary during those bailouts. How about that.) He brought home $21 million last year, a $9 million increase from the year before. Goldman Sachs has an annual ritual of firing 5 percent of its workforce, but will probably cut more than usual this year. Over the past two years they’ve laid off 3,300 people.

In second is Brian Moynihan, Bank of America’s CEO. His total compensation for the year was over $12 million, up $5 million from the year before. He’s cut 22,000 jobs since the Fall 2011, and the original plan was 30,000 by the end of this year.

Next is Michael Corbat at Citigroup, who made $11.5 million last year. He’s new to the job, but can probably expect a big pay hike in a couple years when Citi’s restructured pay packages that tie pay to performance (stock, not his) kick in. He dove into the job with a promise to fire 11,000 people.

JP Morgan’s Jamie Dimon took home $11.5 million for 2012 as well. That’s a sharp drop from 2011, but his bonus was cut in half mainly because the company lost $6 billion last summer and tried to hide it. He said in 2011 that we should stop bashing the rich and that rich doesn’t necessarily mean bad. Oh, and this week he said he’s cutting 17,000 jobs in the next two years.

Morgan Stanley’s James Gorman took home $6 million last year, down from $10.5 million in 2011. He’s only planning to cut 1,600 jobs. When John Stumpf’s compensation is reported, he’ll probably get bumped from the Top 5.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
The 14 Most Deadly Car Models

These vehicles are involved in fatal accidents at least twice as often as the average car.

Beware These 5 Common Work-From-Home Scams

You can spot scammers and con artists with a little know-how.

This Online Bank Rated Best for Second Year in a Row

This bank pays interest without charging monthly fees, but there’s a downside.

7 Reasons You Should Not Pay Off a Mortgage Before Retirement

Here’s why it often makes financial sense to carry a mortgage into retirement.

7 Things I Never Buy at Costco

A bulk buy isn’t always the best buy. Here’s where I shop for these items instead of a warehouse club.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
11 Things Retirees Should Always Buy at Costco

This leader in bulk shopping is a great place to find discounts in the fixed-income years.

Over 50? The CDC Says You Need These 4 Vaccines

Fall is the time to schedule vaccines that can keep you healthy — and even save your life.

9 Things You’ll Never See at Costco Again

The warehouse store offers an enormous selection, but these products aren’t coming back.

11 Senior Discounts for Anyone Age 55 or Older

There is no need to wait until you’re 65 to take advantage of so-called “senior” discounts.

11 Household Items That Go Bad — or Become Dangerous

When you get the impulse to stockpile these everyday items, pay close attention to their expiration dates.

8 Things You Can Get for Free at Pharmacies

In this age of higher-priced drugs and complex health care systems, a trip to the pharmacy can spark worry. Freebies sure do help.

These Are the 4 Best Medicare Advantage Plans for 2020

Medicare Advantage customers themselves rate these plans highest.

7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

The 10 Most Commonly Stolen Vehicles in America

A new model parks atop the list of vehicles that thieves love to pilfer.

19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

10 Reasons Why You Should Actually Retire at 62

If you can, here are several good reasons to retire earlier than we’re told to.

3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

14 Things That Are ‘Free’ With Medicare

These services could save you money and help prevent costly health problems.

26 States That Do Not Tax Social Security Income

These states won’t tax any of your Social Security income — and in some cases, other types of retirement income.

5 Keys to Making Your Car Last for 200,000 Miles

Pushing your car to 200,000 miles — and beyond — can save you piles of cash. Here’s how to get there.

5 Things That Make Life More Meaningful for Retirees

Retirees agree: These are the things that give them purpose and fulfillment in their golden years.

10 Things You Should Never Do With Bleach

Does the pandemic have you reaching for bleach more than ever before? Learn the ins and outs of using this powerful disinfectant.

15 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.