Following a relatively strong year in investment banking and wealth management, the major banks have awarded raises to their CEOs. With the trauma of the Great Recession apparently long behind them, the boards of the largest banks in the U.S. have decided to give the CEOs of their firms their largest paychecks since 2006, awarding them with sizable bonuses in cash and stocks. The heads of JPMorgan Chase & Co. (NYSE: JPM), Goldman Sachs, Inc (NYSE: GS), Citigroup, Inc (NYSE: C), Bank of America (NYSE: BOA), and Morgan Stanley (NYSE: MS) each made at least $20 million in 2017, with a number receiving significant raises from 2016. In a particularly jaw-dropping example, Citigroup gave its CEO, Michael Corbat, a total raise of 48%, paying him over $15 million as a stock bonus. In a year of big payouts, we've gathered a list of the top earners among heads of banking firms.
1. JPMorgan Chase -- Jamie Dimon, $29.5 million
Starting with a base salary of $1.5 million, JPMorgan Chase CEO Dimon received $5 million cash and $20.5 million in stock as a bonus. The highest-paid executive on Wall Street for the second straight year, Dimon's paycheck for 2017 was close to $30 million, a 5% raise from last year.
2. Morgan Stanley -- James Gorman, $27.1 million
Morgan Stanley chief James Gorman was awarded $11.6 million in cash bonuses as well as a $14 million stock bonus on top of his $1.5 million base salary, for a total yearly paycheck of $27.1 million.
3. Goldman Sachs Group, Inc. -- Lloyd Blankfein, $24 million
After a year when his firm struggled in its trading business, Lloyd Blankfein earned a total of $24 million, a raise of 9% from 2016. Blankfein, whose base salary is $2 million, received bonuses of $4.4 million in cash and $17.6 million in stocks.
4. Citigroup -- Michael Corbat, $23 million
The Citigroup CEO saw his paycheck for 2017 rise 48% since last year. Added to Corbat's $1.5 million base salary were bonuses, both cash and stock, totaling $21 million.
5. Bank of America -- Brian Moynihan, $23 million
Rounding out the list of top earners on Wall Street, Brian Moynihan earned a total of $23 million last year, the biggest paycheck he has received as CEO. Bank of America gave its CEO a $21.5 million bonus in stocks on top of his base salary of $1.5 million.