Study shows U.S. bank CEO pay dwarfs rest of world

[Joanne98]

Source: Reuters

NEW YORK (Reuters) - You wouldn't know it by his pay stubs, but Jiang Jianqing heads the world's largest bank.

Jiang, chairman of Industrial and Commercial Bank of China, made just $234,700 in 2008. That's less than 2 percent of the $19.6 million awarded to Jamie Dimon, chief executive of the world's fourth-largest bank, JPMorgan Chase & Co (JPM.N).

The contrast illustrates the massive differences in pay among the CEOs of the world's top banks. The compensation of the CEOs of the largest U.S. banks towers above what's paid to banking chiefs in other parts of the world, according to a Reuters analysis of pay at the 18 biggest banks by market value.

Excessive compensation at banks is expected to be discussed this week when the Group of 20 nations meets in Pittsburgh. But consensus on the issue remains a distant hope as there continue to be vast differences in how bankers are paid, from the CEO on down.

The United States is home to four of the nine largest banks in the world -- JPMorgan, Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N) and Citigroup Inc (C.N). It is also home to four of the six most handsomely rewarded bank CEOs.

"The U.S. executive pay levels have always dwarfed pay for companies elsewhere in the world," said Sarah Anderson, a fellow with the Institute for Policy Studies, which is critical of Wall Street, and co-author of the recent study "America's Bailout Barons."

"They have claimed it is impossible to recruit people without paying such compensation. Yet, if you look at the pay levels in Europe and in a lot of Asian countries, somehow they manage to find people who can run major global firms while making a fraction of what they make in the U.S.," she said.


Read more: http://www.reuters.com/article/ousivMolt/idUSTRE58M2QU20090923

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Let's bring cheap CEO's in on H1B visas and see how they like getting replaced by cheap labor.

[sasquatch]

1. Damn straight, American CEOs aren't even as productive as the one's that're overseas

[Joanne98]

2. Yeah. Throw the bums out!

[OhioChick]

3. I like your idea, Joanne!

K&R

[Joanne98]

9. I knew you would. lol

:hi:

[kath]

4. thoughts of guillotines...

it would be wrong to have thoughts of guillotines. Very wrong.

[sasquatch]

7. *Thunk*

BWAHAHAHAHAHA!!

[RaleighNCDUer]

17. Time to invest in tumbrel production stocks. nt

[slipslidingaway]

5. knr nt

[fascisthunter]

6. Elitest Frat Boys and Girls

they they suck at what they do... not all mind you. I have an outstanding CEO who busts his ass for this company, but have seen with my own two eyes, how some just get these positions because of who they know or who their parents know.

[Klukie]

8. "Let's bring cheap CEO's in on H1B visas and see how they like getting replaced by cheap labor."

Love it ..Love it..Love it.....brilliant.

[Joanne98]

10. Thanks Klukie

[Zoeisright]

11. Tax them. Tax them hard and tax them often.

I am thoroughly sick and tired of these robber barons literally getting away with murder.

[prostomulgus]

18. Absolutely right -- No cap, just lots of tax.

Let'em make a quadrillion dollars a year. I'm all for it -- just apply a 100% tax on all income over $250K. That's $5K/week and it seems more than fair.

[Overseas]

12. K&R. //nt

[paparush]

13. This Just In - Sun Rises in East, Bears Poop in Woods nt

[icymist]

14. Why be a common thief when you could own a bank?

Wasn't that the theme of The Three Penny Opera way back in the thirties? Why rob people at gunpoint when you can rob them legally?

[Vidar]

15. When it comes to greed & selfishness, we're #1!

[OhioChick]

16. USA! USA! USA! n/t

[Xipe Totec]

19. Time to outsource those jobs n/t

[KarenS]

20. sheesh,,, Mr Dimon is in the wrong business,,,,

he "only" makes $9,423 an hour,,,
poor guy,,,
he should go to the health care insurance industry next so he can make the "really big" bucks,,,,

:eyes:

[truedelphi]

21. Like others here, I am loving your idea of using the H1B visas. n/t

[sandyd921]

22. Time to bring back

the pre-Reagan tax rates.

[kath]

23. Absolutely!

The current highest marginal tax rate is WAY too low.