• Top U.S. bank CEOs are earning $40 million or more for 2025 performance, the highest payouts since before the 2008 financial crisis.
  • Goldman Sachs CEO David Solomon led the group at $47 million, with Morgan Stanley (MS)'s Ted Pick at $45 million and JPMorgan Chase (JPM)'s Jamie Dimon at $43 million.
  • The surge follows a banner year for banks, driven by record revenues in trading, investment banking, and dealmaking, under tighter Dodd-Frank regulations.

Goldman Sachs Group Inc. CEO David Solomon topped the list at $47 million, a 20-21% raise from his $39 million compensation in 2024, according to people familiar with the matter. This marks his third consecutive year of significant increases after a 30% pay cut in 2022 due to consumer banking setbacks. Morgan Stanley's Ted Pick followed closely with $45 million, a 32% jump from $34 million, while JPMorgan Chase's Jamie Dimon received $43 million, up 10%. Citigroup Inc. raised Jane Fraser's pay to $42 million, and Bank of America Corp. lifted Brian Moynihan's to $41 million.

Efforts to justify these payouts have centered on 2025's financial performance, which saw Goldman Sachs post approximately $58.3 billion in net revenue—its second-best year ever—with investment banking fees surging 21% to record highs. Total shareholder return for the bank ranged from 53% to 57%, according to recent filings. "It's a reflection of the strong results and shareholder value created," said one board member, who requested anonymity due to the sensitivity of executive compensation discussions. Similar trends were noted at other major banks, with robust profits from trading, lending, and dealmaking activities fueling the raises.

Unlike the pre-2008 era, when firms like Lehman Brothers Holdings Inc. collapsed amid lax oversight, today's payouts come under tighter rules shaped by the Dodd-Frank Act. These regulations mandate stress tests and pay-for-performance links, reducing systemic risks. However, the resurgence of $40 million-plus packages—last seen before the financial crisis—has sparked debate over executive pay inequality, especially amid ongoing talent wars with non-bank competitors. Trump criticized Solomon on Truth Social over Fed independence and tariff predictions, highlighting political tensions, though no direct regulatory pushback has emerged yet.

Short-term, remaining banks such as Wells Fargo & Co. may disclose similar hikes by March, signaling sustained profitability. Wells Fargo's Charlie Scharf could see the biggest 2025 jump after the bank's asset cap was lifted, according to analysts. Long-term, AI integration and a potential 2026 M&A surge—possibly matching 2021 records—could drive further gains, though economic shifts pose risks. The broader Fortune 500 trend shows Solomon leading early 2025 pay among all CEOs, with boards emphasizing performance ties amid shareholder support.