Wells Fargo announced in March that its CEO Tim Sloan got a pay rise last year. He pulled in $18.4 million during 2018 – about $900,000 more than the previous year.
According to data from Barron’s, the chief executives at Goldman Sachs, Bank of America, Citi, Morgan Stanley, JPMorgan and Wells Fargo collectively earned $152 million last year – more than that of 2008, but not quite the heady peak of 2007 when it was $212 million.
Top earner
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Jamie Dimon, |
During the same month, Abigail Disney, the granddaughter of the co-founder of Walt Disney, spoke out about CEO compensation being too high across corporate America.
A long-time proponent of higher taxes for the rich and for more sensible executive compensation, she said in an interview that “no one on earth, [not even] Jesus Christ himself” is worth “500 times a median worker’s pay”.
Notwithstanding the fact that Christ may or may not have paid employees, based on her calculations, Dimon is still just within reasonable limits.
The bank’s median employee earned $77,799 in 2017 – the latest figures released – while Dimon earned 400 times that at $31 million in 2018, according to disclosures by the bank.