Discussion
Reuters reports:
“You wouldn’t know it by his pay stubs, but Jiang Jianqing heads the world’s largest bank.
“Jiang, chairman of Industrial and Commercial Bank of China, made just $234,700 in 2008. That’s less than 2 percent of the $19.6 million awarded to Jamie Dimon, chief executive of the world’s fourth-largest bank, JPMorgan Chase & Co.
“The contrast illustrates the massive differences in pay among the CEOs of the world’s top banks. The compensation of the CEOs of the largest US banks towers above what’s paid to banking chiefs in other parts of the world, according to a Reuters analysis of pay at the 18 biggest banks by market value.
“The United States is home to four of the nine largest banks in the world – JPMorgan, Bank of America Corp, Wells Fargo & Co and Citigroup Inc. It is also home to four of the six most handsomely rewarded bank CEOs.
“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.”
“You wouldn’t know it by his pay stubs, but Jiang Jianqing heads the world’s largest bank.
“Jiang, chairman of Industrial and Commercial Bank of China, made just $234,700 in 2008. That’s less than 2 percent of the $19.6 million awarded to Jamie Dimon, chief executive of the world’s fourth-largest bank, JPMorgan Chase & Co.
“The contrast illustrates the massive differences in pay among the CEOs of the world’s top banks. The compensation of the CEOs of the largest US banks towers above what’s paid to banking chiefs in other parts of the world, according to a Reuters analysis of pay at the 18 biggest banks by market value.
“The United States is home to four of the nine largest banks in the world – JPMorgan, Bank of America Corp, Wells Fargo & Co and Citigroup Inc. It is also home to four of the six most handsomely rewarded bank CEOs.
“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.”
hidetheelephants said:
This doesn't take into account the hot and cold running wenches in his office complex, the backhanders, and the power of life and death over his minions(I may be reaching here...); I bet Morgan Chase don't lay on hookers for board meetings.
I'll take your cash....theaxe said:
Communism seems like an extreme solution to the banking crisis.
China is becoming less communist. Have the major Chinese banks required a bail out?
HSBC ha scome out of the crisis better than most partly or mainly due to its regulation in Hong Kong IIRC.
Maybe the Chinese attitude to saving rather than debt creation is something to be admired, and copied?
Fittster said:
Marf said:
Head of bank in communist china makes less than head of bank in cradle of capitalism.
How utterly shocking.
What exactly do bankers in the West do to deserve a far greater salary?How utterly shocking.
The fact is that bank is owned by the Chinese State, a communist state, so its hardly surprising that it pays its top man far less than its capitalist western equivalent.
Fittster said:
Marf said:
The fact is that bank is owned by the Chinese State, a communist state, so its hardly surprising that it pays its top man far less than its capitalist western equivalent.
You are incorrect. The banks are publicly listed.Marf said:
Fittster said:
Marf said:
The fact is that bank is owned by the Chinese State, a communist state, so its hardly surprising that it pays its top man far less than its capitalist western equivalent.
You are incorrect. The banks are publicly listed.Fittster said:
Marf said:
Fittster said:
Marf said:
The fact is that bank is owned by the Chinese State, a communist state, so its hardly surprising that it pays its top man far less than its capitalist western equivalent.
You are incorrect. The banks are publicly listed.Face it, this is a non story, its just the media feeding off the bankers=w
kers sentiment held by many people.Edited by Marf on Friday 25th September 16:46
Marf said:
Fittster said:
Marf said:
Fittster said:
Marf said:
The fact is that bank is owned by the Chinese State, a communist state, so its hardly surprising that it pays its top man far less than its capitalist western equivalent.
You are incorrect. The banks are publicly listed.Face it, this is a non story, its just the media feeding off the bankers=w
kers sentiment held by many people.Edited by Marf on Friday 25th September 16:45
The point is that the argument of 'Paying for talent' doesn't stack up at all. The heads of many Western public companies are vastly overpaid for the results they produce.
Fittster said:
The point is that the argument of 'Paying for talent' doesn't stack up at all. The heads of many Western public companies are vastly overpaid for the results they produce.
But that's true of many industries, not just banking, so why make a specific point about this industry?fido said:
Fittster said:
The point is that the argument of 'Paying for talent' doesn't stack up at all. The heads of many Western public companies are vastly overpaid for the results they produce.
But that's true of many industries, not just banking, so why make a specific point about this industry?"Sliding share prices have not stopped executives raking it in. Between 2000 and 2008 the FTSE dipped 30% but the cash paid to executives rose by 80% on average".
Edited by Fittster on Friday 25th September 17:19
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