He was credited with steering Deutsche Bank through the crisis without the need for state support, but Josef Ackermann had to navigate some choppy internal waters in the run up to his 2012 departure. The headstrong chief executive was part of a tumultuous succession process in which he wanted to bring in former Bundesbank president Axel Weber, who now chairs UBS. The Weber plan opened up a deep rift within the bank and finally failed when Anshu Jain and Jürgen Fitschen were presented as co-chief executives. He now chairs Bank of Cyprus.
"},{"ceo":{"startdate":"2006-06-28T00:00:00.000Z","first":"Lloyd","last":"Blankfein","bank":"Goldman Sachs Group","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_blankfein.jpg","image":"col_blankfein.jpg"},"copy":"Kicking off a financial-industry conference in New York in early February, Lloyd Blankfein could have been forgiven a little gallows humour. Markets were tanking, and the chairman and chief executive of Goldman Sachs had recently come through 600 hours of chemotherapy. “I heard that this is the large-cap section,” he said. “I’m glad we still qualify, with what’s going on.” Ten years into the job, Mr Blankfein is still trying to make the bank less exposed to swings in financial markets, building up fee-based businesses such as asset management and investment banking while pushing into new areas such as retail banking. But profits are still lower, and more volatile, than he would like. Returning the bank to a return on equity in the mid-teens could be one good way of going out on a high.
"},{"ceo":{"startdate":"2012-10-15T00:00:00.000Z","first":"Michael","last":"Corbat","bank":"Citigroup","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_corbat.jpg","image":"col_corbat.jpg"},"copy":"Citigroup made a big statement when it announced in April that it would no longer break out results for Citi Holdings, its ragbag of non-core assets held over from the 2008 crisis. The division had shrunk a lot, but more importantly, said Mike Corbat, chief executive, it was no longer appropriate for Citi to keep harking back to the past. Eight years on, he said, the bank is “a simpler, smaller, safer and stronger institution”. But if all the upheaval and restructuring really is in the past, then Citi needs to generate better returns on what is left. Return on equity came to 6.4 per cent in the first quarter. The bank has hit 8 per cent just once since the crisis.
"},{"ceo":{"startdate":"2003-06-01T00:00:00.000Z","first":"Eric","last":"Daniels","bank":"Lloyds Banking Group","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_daniels.jpg","image":"col_daniels.jpg"},"copy":"Eric Daniels’ 2010 departure from Lloyds in favour of Portuguese banker António Horta-Osório was tinged with irony. Presenting the bank’s disappointing annual results just weeks prior to his exit, Mr Daniels said he would wait until his £1.45m bonus – the first awarded in two years – was “in my hot little hands” before deciding whether to accept it. As it happened, he was ultimately paid just £300,000 of that bonus thanks to the huge costs Lloyds incurred to settle payment protection insurance claims. Despite being widely blamed for the ill-fated tie-up between Lloyds and HBOS during the crisis, he resurfaced in 2013 working with private equity firm CVC as a member of their global financial institutions advisory board.
"},{"ceo":{"startdate":"2011-01-01T00:00:00.000Z","first":"Bob","last":"Diamond","bank":"Barclays","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_diamond.jpg","image":"col_diamond.jpg"},"copy":"American-born investment banker Bob Diamond ended his less than two year period as Barclays’ CEO in July 2012, when he became the first major casualty of the Libor interest rate rigging scandal. His run at the top was good when it lasted though - he was the world’s second-highest paid banking boss in 2011, even though the group’s return on equity dropped from 7.2 to 5.8 per cent that year, and its share price underperformed the overall banking sector by dropping almost a third. After life at Barclays’, Mr Diamond turned his attention to Africa, setting up Atlas Mara in 2013 and raising over $600m to invest in financial services in the sub-Saharan region.
"},{"ceo":{"startdate":"2005-12-31T00:00:00.000Z","first":"Jamie","last":"Dimon","bank":"JPMorgan Chase","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_dimon.jpg","image":"col_dimon.jpg"},"copy":"Not a single shareholder spoke out at the annual meeting of JPMorgan, the biggest US bank by assets, which was held in May in New Orleans. There was also very limited support for a range of proposals from shareholders, including one to set up a committee to examine the rationale for a break-up. That is not to say that Jamie Dimon, chairman and chief executive, has nothing to worry about: like all the big banks, he needs consistently higher interest rates to boost profits, and the question of succession is one that won’t go away. But after a decade at the helm, Mr Dimon has a record of delivering consistent returns second only to John Stumpf at Wells Fargo. That has given him the confidence to act as an elder statesman of the industry, routinely holding forth on matters such as financial regulation, stress-testing and the relationship between big banks and small.
"},{"ceo":{"startdate":"2007-05-05T00:00:00.000Z","first":"Brady","last":"Dougan","bank":"Credit Suisse Group","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_dougan.jpg","image":"col_dougan.jpg"},"copy":"After 25 years at Credit Suisse, Brady Dougan might have hoped to go out on a higher note than 2014. During his last full year at the helm, the bank reported its largest quarterly loss since the financial crisis after paying $2.6bn for helping US citizens evade tax. Switzerland’s second-largest lender ultimately reported a net loss of SFr3.1bn for the year, worse than its 2013 result, in an environment where most banks were seeing improving trends. Throughout the year, Mr Dougan also faced repeated questions about Credit Suisse’s capital adequacy and was criticised for allocating too much capital to its investment bank. His successor Tidjane Thiam took over in July 2015 and unveiled a strategic plan centred on Asian growth and a $6bn capital raise.
"},{"ceo":{"startdate":"2011-09-24T00:00:00.000Z","first":"Sergio","last":"Ermotti","bank":"UBS","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_ermotti.jpg","image":"col_ermotti.jpg"},"copy":"Few bank CEOs are better placed to fall under a bus than UBS’s Sergio Ermotti. The suave Swiss-Italian went into 2015 with three candidates vying to be his replacement – investment bank boss Andrea Orcel, wealth management boss Juerg Zeltner and wealth management Americas boss Tom Naratil. This year he threw another name into the mix – former Commerzbank chief executive Martin Blessing, who has just joined the bank as head of its Swiss business. Mr Ermotti is coming to the end of his fifth year as ceo and things are quieting down. The bank has had some legal woes to grapple with of late but its biggest dramas are behind it, and it continues to win plaudits for having restructured its investment bank a lot sooner than European rivals. Mr Ermotti has not given any indication of when he will step down, but if he is an adrenalin junkie, it might be sooner rather than later.
"},{"ceo":{"startdate":"2012-05-31T00:00:00.000Z","first":"Jürgen","last":"Fitschen","bank":"Deutsche Bank","title":"Co-chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_fitschen.jpg","image":"col_fitschen.jpg"},"copy":"Having announced last summer that he would step down as co-chief executive of Deutsche Bank in May 2016, Jürgen Fitschen’s final months at Germany’s biggest lender were overshadowed by his involvement in a long-running legal case. In April, after a year-long trial, Mr Fitschen and his co-defendants were finally acquitted of trying to mislead a court in connection with the collapse of the Kirch media empire, giving the veteran banker a boost three weeks before he stepped down from the top job. He will not sever his links with the bank completely, however. At its annual shareholder meeting, Deutsche revealed that Mr Fitschen - who remains one of the best-connected corporate bankers in Germany - would continue to “serve” the bank in Asia and Germany.
"},{"ceo":{"startdate":"2006-05-26T00:00:00.000Z","first":"Michael","last":"Geoghegan","bank":"HSBC","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_geoghegan.jpg","image":"col_geoghegan.jpg"},"copy":"Michael Geoghegan’s departure from HSBC in 2010, after being passed over for the chairmanship, marked a controversial end to a 37-year career at the group. Normally known for its stable management, the bank was stung by a series of leaks during the process. Mr Geoghegan was later appointed to chair the advisory board to Ireland’s bad bank Nama until it was disbanded in 2014.
"},{"ceo":{"startdate":"2000-01-28T00:00:00.000Z","first":"Francisco","last":"González","bank":"Banco Bilbao Vizcaya Argentaria","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_gonzalez.jpg","image":"col_gonzalez.jpg"},"copy":"He is one of Europe’s oldest-serving bank bosses but Francisco González’s pioneering approach to digital banking has earned him a reputation for being one of the continent’s most modern banks as well. During 2014 he invested in BBVA’s own IT systems, bought US digital bank Simple and invested in bitcoin company Coinbase. The septuagenarian also found time to pen an article on banking’s digital future for the prestigious MIT Technology Review. He continues to serve as BBVA’s chairman, while Carlos Vila has been chief executive since mid-2015.
"},{"ceo":{"startdate":"2010-01-01T00:00:00.000Z","first":"James","last":"Gorman","bank":"Morgan Stanley","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_gorman.jpg","image":"col_gorman.jpg"},"copy":"James Gorman began 2016 on the back foot. Morgan Stanley’s efforts to reshape its fixed-income trading business had been a failure so far, he said, as he begged for investors’ patience so he could complete the job. But, six months on, there’s still some unease over the radical reshaping of a business in a market gripped by tighter regulation, a shift to electronic trading and stop-start activity among clients. Investors are generally happier with Project Streamline, an unglamorous plan to boost margins by, in part, uprooting back-office jobs to cheaper locations. Still, the market expects returns on equity of 6.5 per cent and 7.8 per cent in 2016 and 2017, respectively – well short of the bank’s target range of 9 to 11 per cent.
"},{"ceo":{"startdate":"2011-01-01T00:00:00.000Z","first":"Stuart","last":"Gulliver","bank":"HSBC","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_gulliver.jpg","image":"col_gulliver.jpg"},"copy":"The board of Europe’s biggest bank by market capitalisation decided earlier this year to keep its headquarters in the UK, after a 10-month review of whether to return to its original base of Hong Kong. Now its focus has turned to succession. HSBC is searching for a new chairman to replace Douglas Flint by next year. The board will then seek a replacement for Stuart Gulliver, who has led the bank since stepping up from running its investment bank at the start of 2011. HSBC shares have dropped more than a third since Mr Gulliver took over and the bank has missed several performance targets. He presented a new plan last year, based on a “pivot to Asia” that shifts resources away from underperforming areas such as Brazil, where it sold its operations, to more attractive markets such as the Pearl River Delta in China.
"},{"ceo":{"startdate":"2008-11-21T00:00:00.000Z","first":"Stephen","last":"Hester","bank":"Royal Bank of Scotland Group","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_hester.jpg","image":"col_hester.jpg"},"copy":"Widely credited with successfully shrinking Royal Bank of Scotland’s balance sheet and scaling back its investment banking arm, Stephen Hester was ousted in mid 2013 after the board decided the bank needed a fresh and publicly untainted manager to lead the bank into privatisation. During his almost five years at the helm, Hester was at times the sector’s poster boy for the furious debate about bankers’ pay. The former Credit Suisse banker ceded his bonus in 2012 after an IT glitch caused major disruptions for millions of the 82 per cent state-owned bank’s retail customers, while in 2011 he waived his £1m bonus amid intense political and media pressure. Shortly after his RBS departure he found arguably an even more challenging job, as chief executive of embattled insurer RSA.
"},{"ceo":{"startdate":"2011-03-01T00:00:00.000Z","first":"António","last":"Horta-Osório","bank":"Lloyds Banking Group","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_horta.jpg","image":"col_horta.jpg"},"copy":"Last year marked a turning point António Horta Osório’s tenure at Lloyds after he was given the green light by the UK regulator to restart dividend payments for the first time since the financial crisis. The watershed moment buoyed shares in the state-backed bank as income-seeking fund managers were once again allowed to own the stock. The government was able to sell about 16 per cent of its stake in the bank in 2015, and plans for a retail share sale were unveiled by the government last October. But chancellor George Osborne was forced to postpone the sale at the start of this year largely due to volatile markets. Challenges for 2016 include the ongoing payment protection insurance mis-selling debacle, which has so far forced the bank to set aside £16bn.
"},{"ceo":{"startdate":"2012-05-31T00:00:00.000Z","first":"Anshu","last":"Jain","bank":null,"title":"Co-chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_jain.jpg","image":"col_jain.jpg"},"copy":"Life at Deutsche Bank was rarely easy during Anshu Jain’s three years as the bank’s co-CEO. Deutsche came under pressure from shareholders over its plans to raise €8bn, money it had previously insisted it didn’t need. The bank’s core strategy remained in question, despite months of soul-searching and a five-year plan immediately lambasted for its scant detail. Mr Jain, like his co-CEO Jürgen Fitschen, announced his resignation in June 2015 but stayed on as a consultant to Deutsche Bank until January 2016.
"},{"ceo":{"startdate":"2012-08-30T00:00:00.000Z","first":"Antony","last":"Jenkins","bank":"Barclays","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_jenkins.jpg","image":"col_jenkins.jpg"},"copy":"Antony Jenkins was so pleased with Barclays’ 2014 performance that he took his first bonus since taking on the CEO’s role in mid-2012. It was to be his last year at the helm - in July 2015, the bank’s newly-arrived chairman John McFarlane saw Jenkins off in brutal fashion, saying the bank needed “a new set of skills”. Jenkins later told the BBC: “I’m a human being, so I have to say that it was surprising to me…The bank was performing very well.” Jenkins had clashed with investment bank boss Tom King over the pace of the investment bank’s restructuring, which was to include 7,000 job cuts under a plan announced in May 2014.
"},{"ceo":{"startdate":"2001-04-01T00:00:00.000Z","first":"Kenneth","last":"Lewis","bank":"Bank of America","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_lewis.jpg","image":"col_lewis.jpg"},"copy":"Bank of America’s purchase of Merrill Lynch at the height of the financial crisis was one acquisition too far for Ken Lewis, whose eight-year term at the top also saw the bank snap up FleetBoston Financial, MBNA and LaSalle Bank. As part of the Merrill negotiations with Ken Feinberg, the US Treasury official tapped to rein-in executive pay at bailed-out banks, Mr Lewis agreed to waive his 2009 salary and incentive pay. He did receive more than $73m in pension benefits, stock and other remuneration following his departure on December 31 2009. He is now retired.
"},{"ceo":{"startdate":"2005-06-30T00:00:00.000Z","first":"John","last":"Mack","bank":"Morgan Stanley","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_mack.jpg","image":"col_mack.jpg"},"copy":"In the final weeks of his second stint as Morgan Stanley’s chief executive in 2009, John Mack told colleagues he would forgo a bonus for the third straight year as the bank headed towards an annual loss. Well-liked by rank-and-file employees, insiders say he was also mindful of the public furore a bonus might create and its impact on his legacy. He stepped down at the end of that year but has remained active in the finance world, acting as an advisor to asset managers KKR and BKM, and more recently signing up to advise Star Mountain Capital, a US private equity firm that invests in small and mid-sized businesses. He is also a director of Lending Club, an online loans platform that connects investors and borrowers directly.
"},{"ceo":{"startdate":"2013-10-01T00:00:00.000Z","first":"Ross","last":"McEwan","bank":"Royal Bank of Scotland Group","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_mcewan.jpg","image":"col_mcewan.jpg"},"copy":"Ross McEwan presided over RBS’s eighth consecutive annual loss last year, taking losses since the financial crisis above the £50bn mark. It wasn’t all bad news for the New Zealand-born chief executive though. RBS completed the sale of its US investment bank Citizens last year, and offloaded the international arm of private bank Coutts. Chancellor George Osborne also kicked off the UK’s largest ever privatisation, by selling a 5 per cent stake in the bank albeit at a £1.1bn loss to taxpayers, taking the government’s holding down to 73 per cent. Mr McEwan also won praise for giving a £1m role-based allowance to charity. This year will involve more restructuring and RBS has recently warned it could miss an EU-imposed deadline of selling its challenger bank Williams & Glyn by the end of 2017.
"},{"ceo":{"startdate":"2010-01-01T00:00:00.000Z","first":"Brian","last":"Moynihan","bank":"Bank of America","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_moynihan.jpg","image":"col_moynihan.jpg"},"copy":"The bank Brian Moynihan runs is about $100bn lighter in assets than the Bank of America he took over in 2010 and there is a better balance between consumer and wholesale revenues. The balance sheet is not as risky. Mr Moynihan, chairman and chief executive, keeps saying there’ll be “no excuses” now for sub-par growth and that management is determined to hit its targets – a 12 per cent target for return on equity and a 1 per cent return on assets – “as fast as possible.” In recent quarters, though, he has been no way near. In the absence of a rise in interest rates, Mr Moynihan’s best bet for improving profits looks like hammering down on costs.
"},{"ceo":{"startdate":"2008-05-13T00:00:00.000Z","first":"Frédéric","last":"Oudéa","bank":"Societe Generale","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_oudea.jpg","image":"col_oudea.jpg"},"copy":"Frédéric Oudéa began 2015 by losing half his job, after former European Central Bank executive board member Lorenzo Bini Smaghi took over the chairman role Mr Oudéa had previously held in parallel to being CEO of Société Générale. It was by no means a quiet year for the Frenchman. He was appointed chairman of the European Banking Federation, putting himself front and centre on major policy issues including the capital markets union, eurozone bank regulation and whether policymakers are doing enough to prevent the demise of Europe’s investment banks. SocGen had an active year as well – it was among the most exposed European banks to a sharp fall in oil prices, and also found itself on the wrong side of volatile markets. In February 2016, the bank admitted its 10 per cent return on equity target was “unconfirmed given current headwinds”, sparking fear amongst investors.
"},{"ceo":{"startdate":"2007-12-11T00:00:00.000Z","first":"Vikram","last":"Pandit","bank":"Citigroup","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_pandit.jpg","image":"col_pandit.jpg"},"copy":"Vikram Pandit became the epitome of 2012’s shareholder spring when investors voted down his 2011 pay package amid anger over a mismatch between his remuneration and their own returns. The Indian-born CEO, who accepted a $1 salary for 2009 and 2010, stayed on at the bank for another six months before quitting in October 2012 after a clash with his board. After taking two years to mull his options, Mr Pandit returned to the financial industry. A fund he leads has made a variety of investments, including $90m in a specialist Indian real estate lender in 2014. The following year he was among the investors in US-based Bitcoin company Coinbase.
"},{"ceo":{"startdate":"2007-01-01T00:00:00.000Z","first":"Corrado","last":"Passera","bank":"Intesa San Paolo","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_passera.jpg","image":"col_passera.jpg"},"copy":"Former bank chief executives struggle to find another job as high-powered, but that was not a problem for Corrado Passera. He stepped down as Intesa Sanpaolo’s chief executive in November 2011 to become Italy’s “superminister” for economic development in Mario Monti’s technocrat government. Mr Passera was credited with turning around Intesa Sanpaolo’s predecessor Banca Intesa and helping mastermind its 2007 merger with Sanpaolo IMI which created Italy’s second-largest bank. He was succeeded at Intesa Sanpaolo by Enrico Cucchiani who quit two years later after clashing with shareholders.
"},{"ceo":{"startdate":"1997-01-01T00:00:00.000Z","first":"Alessandro","last":"Profumo","bank":"UniCredit Group","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_profumo.jpg","image":"col_profumo.jpg"},"copy":"Alessandro Profumo led UniCredit for 15 years until September 2010 when he left after a power struggle with board members. The Italian banker, a former McKinsey consultant, lost support during the financial crisis when UniCredit was forced into a €6.6bn recapitalisation. Mr Profumo was blamed for the capital raise because he presided over a $60bn acquisition spree from 2004-07 which weakened its capital position. He then served as chairman of Monte dei Paschi before resigning from that job in 2015.
"},{"ceo":{"startdate":"2003-06-01T00:00:00.000Z","first":"Baudouin","last":"Prot","bank":"BNP Paribas","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_prot.jpg","image":"col_prot.jpg"},"copy":"Baudouin Prot spent eight years as BNP Paribas chief executive, ending in 2011, and then shifted over to become the bank’s chairman, a role he held until late 2014. During his term as chief executive, Mr Prot and his chairman Michel Pebereau oversaw significant expansion that transformed BNP Paribas into one of the world’s biggest and most profitable banks.
"},{"ceo":{"startdate":"2013-04-29T00:00:00.000Z","first":"Javier","last":"Marín","bank":null,"title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_romano.jpg","image":"col_romano.jpg"},"copy":"Javier Marin’s two-year run as Santander CEO came to an end in November 2014 when he was unseated in a management reshuffle by the bank’s new executive chairman Ana Botin, who had taken over following the death of her father Emilio Botin. During Mr Marin’s last year at the top, Santander’s profits rose 70 per cent as loan losses fell from their pre-crisis highs and the bank came through the European Central Bank’s debut stress test with no shortfall. Still, Santander’s rejuvenated management began 2015 with a €7.5bn capital raise to boost its equity to a more comfortable position.
"},{"ceo":{"startdate":"2002-02-01T00:00:00.000Z","first":"Alfredo","last":"Sáenz","bank":"Banco Santander","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_saenz.jpg","image":"col_saenz.jpg"},"copy":"Alfredo Sáenz retired from his post as vice-chairman and chief executive of Spain’s largest bank by assets and market value in 2013. Because Santander has an executive chairman, he was in effect second-in-command to Emilio Botín for 11 years. He resigned after being dogged by a criminal conviction that could have seen him banned from banking. Mr Sáenz is credited as the architect of the bank’s transformation from Spanish domestic lender to a multinational retail bank that has become the eurozone’s largest lender by market value. He left Santander with a retirement compensation pot worth €88m, giving one of the largest retirement funds of any banker at a mainstream institution.
"},{"ceo":{"startdate":"2007-06-26T00:00:00.000Z","first":"John","last":"Stumpf","bank":"Wells Fargo","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_stumpf.jpg","image":"col_stumpf.jpg"},"copy":"San Francisco-based Wells Fargo has been the best-performing of the big six US banks since the financial crisis, consistently producing a double-digit return on equity on an annual basis. So when Wells said in May that it would cut its two main profit targets – blaming low interest rates, tougher rules on holding liquid assets and higher provisions to cover bad loans – other banks took notice. A lot of the bank’s growth in earnings-per-share over the past three years has come from releasing reserves for loan losses and buying back shares. What else has chief executive John Stumpf got up his sleeve?
"},{"ceo":{"startdate":"2004-09-01T00:00:00.000Z","first":"John","last":"Varley","bank":"Barclays","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_varley.jpg","image":"col_varley.jpg"},"copy":"John Varley’s exit from Barclays at the end of 2010 marked the end of a tumultuous era for the bank. Having narrowly dodged the acquisition of ABN Amro, the Dutch group that sank Royal Bank of Scotland, Barclays avoided taking a taxpayer bail-out and snapped up Lehman Brothers’ US business at a knock-down price. A late attempt to bolster his legacy by brokering a peace deal between the banks and the UK government ended badly when the deal, codenamed “Project Merlin”, was widely pilloried as a PR stunt. In September 2014, Mr Varley was among the ex-Barclays bosses asked by the Serious Fraud Office to give evidence in a probe into the bank’s dealings with Qatar. The silver-haired 67-year-old stepped down as a director of AstraZeneca in 2015.
"},{"ceo":{"startdate":"2015-01-01T00:00:00.000Z","first":"Jes","last":"Staley","bank":"Barclays","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_staley.jpg","image":"col_staley.jpg"},"copy":"Hired in December 2015 to accelerate the restructuring of Barclays, Jes Staley has wasted little time. The former JPMorgan Chase executive has refreshed the top management, put its big African unit up for sale and retreated from smaller operations in Asia, Latin America and continental Europe to focus on its core US and UK markets. A hiring freeze has helped to cut its workforce of almost 130,000 people by over 8,000. One-off restructuring and conduct charges dragged the bank into the red last year. Mr Staley has said “it is fair to question whether bankers lost their moral compass…because of the single-minded pursuit of personal wealth” in recent decades. Investors were irritated that dividends for the next two years were cut by 50 per cent, while bonuses fell only 10 per cent last year.
"},{"ceo":{"startdate":"2015-01-01T00:00:00.000Z","first":"Tidjane","last":"Thiam","bank":"Credit Suisse","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_thiam.jpg","image":"col_thiam.jpg"},"copy":"It’s been a rollercoaster ride for Tidjane Thiam since he started as CEO of Credit Suisse in July 2015. The former Prudential CEO’s appointment was initially met with a hero’s welcome – and an 8 per cent surge in the bank’s share price - as investors bet he was the man to take Credit Suisse into its next era. The first cracks appeared in October, when a strategic review and a $6bn capital raise failed to impress. Then, a sharp markets downturn in the final quarter pushed the Swiss bank to its first loss in eight years, and prompted Mr Thiam to ask his board for a 40 per cent cut to the bonus they offered him. A year into the role, Mr Thiam faces more challenges than ever. His bank’s shares have lost more than half their value in the past year, parts of his investment bank are in open revolt over his restructuring plans, and his credibility took a battering after his admission that he “didn’t know” about a distressed debt position that triggered a $1bn loss.
"},{"ceo":{"startdate":"2015-01-01T00:00:00.000Z","first":"John","last":"Cryan","bank":"Deutsche Bank","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_cryan.jpg","image":"col_cryan.jpg"},"copy":"John Cryan became co-chief executive of Deutsche Bank in July 2015, after Anshu Jain stepped down in the wake of a big rebellion at the bank’s annual shareholder meeting. He took sole charge of Germany’s biggest lender when Jürgen Fitschen left in May 2016. Mr Cryan spent his first months in the top job thrashing out the finer points of Deutsche’s new five-year strategy, which was lambasted for being short on detail when Mr Jain and Mr Fitschen unveiled it in April 2015. He has also made waves with his forthright approach –calling Deutsche’s systems “lousy” and saying he did not understand why bonuses should make bankers work harder. So far, however, the going has been tough. Deutsche made a €6.8bn loss for 2015, and is battling with a host of legal wrangles which could weigh on its profits this year. Questions about the bank’s capital levels – a longstanding topic – also remain.
"},{"ceo":{"startdate":"2015-01-01T00:00:00.000Z","first":"José","last":"Álvarez","bank":"Banco Santander","title":"Chief Executive","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_alvarez.jpg","image":"col_alvarez.jpg"},"copy":"Shares in Banco Santander have almost halved since José Antonio Álvarez was appointed chief executive of the eurozone’s biggest bank by market capitalisation in November 2014. Santander’s former chief financial officer is respected by investors, though he operates in the shadow of Ana Botín, who became executive chairman after the death of her late father Emilio almost two years ago. Mr Álvarez conceded earlier this year that the bank is grappling with a “challenging environment” as low interest rates squeeze profit margins. It is closing branches and trimming staff numbers to cut €3bn of costs as it tries to offset problems in its large Brazilian and US operations. Even after a €7.5bn share sale at the start of 2015, there remain questions over Santander’s core capital ratio, which is lower than most major rivals.
"},{"ceo":{"startdate":"2015-01-01T00:00:00.000Z","first":"Bill","last":"Winters","bank":"Standard Chartered","title":"Chief Executive Officer","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_winters.jpg","image":"col_winters.jpg"},"copy":"Specialising in emerging markets helped Standard Chartered to come through the 2008 financial crisis in better shape than most rivals. But since then a combination of a regulatory crackdown on sanctions breaches and spiralling losses from risky lending has caused its star to fall. The clean up job fell to Bill Winters, a former JPMorgan Chase executive, who had spent the past few years running his own debt fund and helping to shape UK banking regulation. Since taking over at StanChart a year ago, Mr Winters has replaced many top managers, launched a drastic restructuring and repaired the balance sheet with a $5.1bn rights issue. The bank made a record $1.5bn loss last year and shares are down 50 per cent since Mr Winters took over, but there were some nascent signs of recovery when it returned to profit in the first quarter.
"},{"ceo":{"startdate":"2015-01-01T00:00:00.000Z","first":"Carlos","last":"Torres","bank":"Banco Bilbao Vizcaya Argentaria","title":"Chief Executive Officer","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_vila.jpg","image":"col_vila.jpg"},"copy":"A graduate of the Massachusetts Institute of Technology, where he studied electrical engineering and management, Carlos Torres Vila rose quickly through the ranks after joining Banco Bilbao Vizcaya Argentaria from McKinsey eight years ago. His experience outside of banking and good grasp of technology as head of digital made Mr Vila a natural choice when executive chairman Francisco González picked a new chief executive in May 2015. With operations stretching from Mexico to Turkey, the Spanish bank is widely seen as being a pioneer on technology compared with most of its main rivals. It underlined its bold approach in this area by acquiring a 30 per cent stake in Atom Bank, the UK’s first digital-only lender, last year. BBVA’s profits were flat in 2015, but dropped by more than 50 per cent in the first quarter, showing that it is not immune to the sector-wide challenge of low interest rates.
"},{"ceo":{"startdate":"2015-01-01T00:00:00.000Z","first":"David","last":"McKay","bank":"Royal Bank of Canada","title":"President and Chief Executive Officer","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_mckay.jpg","image":"col_mckay.jpg"},"copy":"David McKay is another relatively new bank CEO, having only taken over the management of Canada’s biggest bank (by market value) in August 2014. But the Canadian is an RBC veteran who has worked with the bank since 1988. His first full year at the helm was a big one – RBC bought ‘Hollywood’s Banker’ City National for $5.4bn in January, marking the biggest acquisition of a US bank in four years. Mr McKay told reporters earlier this year that the acquisition would allow RBC to double its $1bn a year US earnings within the next seven years. The bank posted annual earnings of C$10bn in the year to October 31, up 11 per cent on the previous year, despite falling earnings in its wealth management, insurance and treasury services business.
"},{"ceo":{"startdate":"2015-01-01T00:00:00.000Z","first":"Mike","last":"Smith","bank":"ANZ","title":"Chief Executive Officer","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_smith.jpg","image":"col_smith.jpg"},"copy":"Mike Smith’s eight-year tenure as chief executive of Australia’s third-largest bank by assets ended last December. The owner of a fleet of Aston Martin and Jaguar cars, he helped build the bank’s Asian presence. It was something of a thankless job, as ANZ’s share price performance lagged behind most its locally focused rivals. His departure has coincided with a number of crises at the bank: ANZ is being sued by the markets regulator over allegations of rate rigging and a former trader has alleged there was a toxic trading room culture in an unfair dismissal case. Mr Smith will continue to be paid his base annual salary of A$3.4m on a monthly basis until July 7 2016 when a period of “gardening leave” ends. He has been busy in the property market, reportedly buying a luxury apartment in Melbourne’s so called “Tower of Power” development, which includes influential and wealthy residents. He is also selling his1475-square-metre Melbourne estate, complete with a swimming pool and a tennis court with built-in seating.
"},{"ceo":{"startdate":"2015-01-01T00:00:00.000Z","first":"William","last":"Downe","bank":"Bank of Montreal","title":"BMO","imageurl":"https://ig.ft.com/static/sites/2015/bank-chief-compensation-2015/col_downe.jpg","image":"col_downe.jpg"},"copy":"William Downe had been primed for the top job at Bank of Montreal for years but his chance did not come until the eve of the financial crisis in 2007. He went on to post eight consecutive quarters of earning declines. Yet the Canadian lender’s more recent performance has been better; its shares have outperformed Toronto-listed financial stocks in the past three years. Mr Downe has made international expansion an important plank of the bank’s post-crisis strategy, demonstrated by the £700m acquisition in 2014 of the UK’s F&C, the manager of the City of London’s oldest investment fund, and the $4.1bn purchase of Wisconsin-based lender Marshall and Ilsley. The Montreal native has spent a big chunk of his career in the US, including postings in Houston and Denver, and still divides his time between Chicago and Toronto. The University of Toronto MBA graduate has worked for the bank since 1983, when he began as a credit analyst.
"},{"ceo":{"startdate":"2013-01-01T00:00:00.000Z","first":"Peter","last":"Sands","bank":"Standard Chartered","title":null,"imageurl":"http://interactivegraphics.ft-static.com/static/sites/2015/bank-chief-compensation-2015/col_sands.jpg","image":null},"copy":""}]};}(this));