The mere thought of it is enough to induce euphoria among the compensation lawmakers of the world, and make Stan O'Neal spontaneously combust. You finally make it to the top of the corporate ladder at one of the biggest financial services organizations on the planet and for all your rainmaking efforts, your career justifying payday comes in at the handsome sum of a bit over $200k. China may have the world's two largest banks by market cap but they are light years behind the competition when it comes to embarrassing pay packages at the top.
China, for example, boasts three of the world's four biggest banks, yet the leaders of those banks -- Industrial and Commercial Bank of China, China Construction Bank Corp and Bank of China -- are among the lowest paid of those surveyed by Reuters. The chairman and the president of each of the banks are paid roughly $230,000 per year.
So that's it then. The Chinese have found the executive compensation reform holy grail. What clever model should the US rush to embrace to simultaneously end the public outcry and create a legion of capable, responsible, humble bank heads?
The Chinese banks, which are state-controlled, are typically led by bureaucrats appointed by the central government, and executive pay is capped.
On second thought, maybe $19 mil or so for Jamie Dimon isn't such a bad deal.
Study shows U.S. bank CEO pay dwarfs rest of world [Reuters]