Two factors played an important role in shaping bank boss compensation trends in 2020. One was the COVID-19 pandemic, which resulted in a sharp rise in loss reserves and a decline in net income for many banks. Some executives saw wage cuts as a result.
The other big factor was the ongoing wave of mergers and acquisitions that increased the size of companies like First Horizon and First Citizens Bancshares. The CEOs of these two companies received significant increases in salaries over the past year.
The following information on selected bank CEOs comes from data compiled by the consulting firm Compensation Advisory Partners, as well as from a review of the company's most recent proxy statements. Banks are listed by asset size in descending order.