Successfully guiding major financial firms through economic disasters can be a lucrative business, as shown by the skyrocketing salaries of countless executives in the financial sector. Not only do they earn big paychecks, but they are also among the most influential and powerful people in the world. While executives in the financials sector may not make quite as much as the top hedge fund managers, not many would complain with salaries like these.
JPMorgan Chase CEO and Chairman of the Board, James Dimon
James “Jamie” Dimon became CEO of JPMorgan Chase & Co. (NYSE: JPM) in 2005 and its chairman of the board in 2006. He was Bank One’s president and CEO before the two banks merged in 2004, and also played pivotal roles at Citigroup (NYSE: C), the Travelers Group, Commercial Credit Company and American Express (NYSE: AXP).
Dimon is credited with successfully guiding the company through the Great Recession, and JPMorgan shares have soared under his leadership. As a reward, his annual compensation package totals more than $27.7 million. Bank CEOs typically make a fraction of successful hedge fund managers, but Dimon has managed accumulate a net worth of $1.1 billion, as of February 2016.
Ameriprise Financial Chairman and CEO, James Cracchiolo
James "Jim" Cracchiolo has been chairman and CEO of Ameriprise Financial, Inc. (NYSE: AMP) since 2005, when American Express Financial Corporation completed its spinoff from American Express Company. Cracchiolo joined the company’s former parent in 1982, holding several senior executive positions.
Cracchiolo is credited with a successful transition to independence for Ameriprise and improving the company’s position as one of the largest diversified financial services firms in the United States. As a reward for the success of Ameriprise, Cracchiolo receives an annual compensation package valued at $24.5 million.
BlackRock Chairman and CEO, Larry Fink
As chairman and CEO of BlackRock Inc. (NYSE: BLK), Larry Fink is one of the most influential money managers in the world. As of February 2016, BlackRock has an astounding $4.6 trillion in assets under management, making it the largest money management firm in the world. The company manages the portfolios of the vast majority of the largest corporations in the world and was contracted to help revive the economy by the US. government following the Great Recession.
Fink has been the company’s CEO since co-founding BlackRock in 1988 under the corporate umbrella of The Blackstone Group (NYSE: BX). He has lead the massive mergers and acquisitions with Merrill Lynch and Barclays and receives an annual compensation package totaling more than $23.8 million.
Goldman Sachs Chairman and CEO, Lloyd Blankfein
As chairman and CEO of Goldman Sachs (NYSE: GS), Lloyd Blankfein heads one of the world’s most prestigious and wealthiest financial firms. The company’s CEO since 2006, Blankfein immediately became one of the highest paid executives on Wall Street as a reward for the company’s success, earning as much as $54 million in 2007.
Before taking the helm, Blankfein managed the Goldman Sachs currency and commodities division and was in charge of the fixed income, currency and commodities division (FICC) and equities division.
Blankfein came from humble beginnings, growing up in the housing projects of Brooklyn and has amassed a fortune valued at over $1 billion. Blankfein receives an annual compensation package valued at $23 million.
American Express Chairman and CEO, Kenneth Chenault
Kenneth Chenault joined American Express Co. (NYSE: AXP) in 1981, and when he was named the company’s chairman and CEO in 2001, he became only the third black CEO of a Fortune 500 company. Chenault serves on the boards of several major organizations and is also a member of the President’s Council on Jobs and Competitiveness. Chenault receives an annual compensation package from American Express valued at $22.4 million.
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