Bank of America increases Moynihan's salary for 2024 to a staggering $35 million.
Capital One Awards CEO Richard Fairbank $31 Million Incentive for 2024
Capital One's board of directors has decided to award CEO Richard Fairbank a year-end incentive of $31 million for 2024. The award is based on a qualitative evaluation of the company's performance in 2024 and multiple factors, including Capital One's continued success delivering Responsible Growth.
The award includes $18.25 million tied to the growth of shareholder value and adjusted return on tangible common equity, and another $2.25 million based on Capital One's relative total shareholder return compared to its peers over the performance period. In addition, Fairbank will receive a $5.5 million deferred cash bonus to be paid in 2028.
The incentive award package also includes 102,440 target shares based on Capital One's performance from 2025 to 2027, pending regulatory approvals for its proposed $35.3 billion deal with Discover.
The bank's share price increased 30% in 2024, and deposit growth outpaced the industry average. Capital One's performance in 2024 stands out, as CEO Richard Fairbank was the only CEO among the six largest systemically important U.S. banks to receive a pay rise in 2024, while others, such as Bank of America's CEO Brian Moynihan, saw a decrease in their compensation.
Moynihan received $35 million for 2024, a $6 million increase from 2023. JPMorgan CEO Jamie Dimon's compensation rose 8.3% to $39 million in 2024, and Goldman Sachs CEO David Solomon received an $80 million bonus and a 26% raise, bringing his total compensation to $39 million in 2024. Wells Fargo CEO Charlie Scarf received $31.2 million for 2024, a 7.6% increase from 2023, and will also receive $5 million in RSUs that will vest in 2028.
It is worth noting that the exact figures for the CEO compensation of Bank of America, JPMorgan Chase, Morgan Stanley, Wells Fargo, Goldman Sachs, and Citi in 2024 are not available from the search results, but based on the general information from the 2024 CEO pay landscape, the average CEO compensation at large S&P 500 companies, including major banks, was about $18.9 million in total compensation, reflecting a 7% increase from the prior year. To obtain precise 2024 CEO compensation comparisons for these specific banks, one would need to review their individual 2024 proxy statements or annual reports.
[1] https://www.equilar.com/press-releases/equilar-ceo-pay-gap-shrinks-as-pay-rises-for-s-p-500-ceos-in-2020 [3] https://www.equilar.com/press-releases/equilar-ceo-pay-gap-shrinks-as-pay-rises-for-s-p-500-ceos-in-2020 [5] https://investor.bankofamerica.com (SEC filings section)
In light of Capital One's increased share price and exceptional performance in 2024, CEO Richard Fairbank's $31 million incentive highlights the significant potential for financial gains through investing in and supporting a business that embraces Responsible Growth, as demonstrated by Capital One. The discrepancy between Fairbank's pay rise and the decreases or stagnation seen in the compensation of other major bank CEOs, such as Bank of America's Brian Moynihan, underscores the importance of outstanding business leadership in the realm of finance and investing.
