Banking

Bank CEOs who got the heftiest raises last year

While most bank CEOs got pay hikes last year, the raises were bigger for some than others.

KeyCorp Chief Executive Chris Gorman received a 64% boost in total direct compensation in 2021, Washington Federal CEO Brent Beardall got a 60% raise, and Comerica CEO Curtis Farmer was awarded a 48% pay bump.

Those industry-leading raises compared with an average increase of 21.5% for the CEOs of more than 50 large and midsize banks, according to an analysis by the consulting firm Compensation Advisory Partners.

Some of the CEOs who got the largest pay increases in 2021 had received pay cuts the previous year, when the COVID-19 pandemic hurt performance metrics that banks use to help determine compensation levels.

For example, Cullen/Frost Bankers CEO Phillip Green received a 42% increase in total direct compensation between 2020 and 2021 after his pay was cut by 18% a year earlier. And Pinnacle Financial Partners CEO Terry Turner received a 32% pay raise last year after getting a 13% cut in 2020.

What follows is a countdown of the 10 bank CEOs who got the biggest raises on a percentage basis last year, according to the analysis by Compensation Advisory Partners. Information about factors that influenced specific banks’ pay decisions comes from their most recent proxy statements.

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