Among major regional banks, the Chief Executive Officer (CEO) of two banks received a boost in their 2014 compensation attributed to a rise in pensions. Comerica Incorporated’s CMA CEO Ralph W. Babb’s total compensation was increased 75% year over year to $11.3 million in 2014. Moreover, The PNC Financial Services Group, Inc.’s PNC CEO William S. Demchak got a 42% raise in pay, which came in at $11.3 million in 2014.
The total compensation of Babb for 2014 includes a salary of $1.3 million, stock awards worth $3.2 million, option awards of $0.4 million, other compensation of about $0.1 million and pension of $4.8 million, according to a regulatory filing. Notably, Babb did not receive any pension in 2013.
On the other side, Demchak’s 2014 compensation includes a salary of $1.09 million, stock awards worth $6.0 million, other compensation of about $0.6 million and pension of $0.65 million, according to a regulatory filing. Notably, Demchak’s pension income increased substantially from about $50,000 in 2013.
Among some banking giants, Bank of America Corporation’s BAC Chairman as well as CEO, Brian Moynihan is expected to receive $13 million as total compensation for 2014, which reflects a decline of over 7% from the pay awarded to him in 2013. This move did not come as a surprise, given the company’s struggling profitability throughout the year.
Moreover, Citigroup Inc. (C) CEO Michael Corbat received about 10% pay cut in his total compensation package. His annual salary has been cut to $13.1 million in 2014 from $14.5 million. However, JPMorgan Chase &Co.’s (JPM) Chief Executive Jamie Dimon and Wells Fargo & Company’s WFC CEO John Stumpf earned $20 million and $19.3 million, respectively, in 2014, unchanged from 2013.
Currently, both PNC Financial and Comerica carry a Zacks Rank #3 (Hold).
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