Which bank CEOs received big raises, pay cuts in 2020

Two factors played major roles in shaping compensation trends for bank CEOs in 2020. One was the COVID-19 pandemic, which led to big increases in loss reserves, in turn causing net income to fall at many banks. Some chief executives saw pay cuts as a result.

The other big factor was the ongoing wave of mergers and acquisitions, which increased the size of companies like First Horizon and First Citizens Bancshares. The CEOs of both those firms got substantial pay hikes last year.

The information below about select bank CEOs comes from data compiled by the consulting firm Compensation Advisory Partners as well a review of the companies’ most recent proxy statements. Banks are listed by asset size in descending order.