The banking industry is one of the most lucrative sectors globally, and for some top executives, it’s more than just profitable—it’s an avenue for raking in tens of millions of dollars annually.  

While most professionals won’t reach the extraordinary compensation levels of the following industry leaders, there are significant opportunities for advancing your career and upgrading your compensation, especially with the help of a specialized recruiter. 

Here’s a look at 10 top earners in the banking industry:  

1. James P. “Jim” DeMare – Bank of America 

• Title: President – Global Markets 

• Total Compensation: $21,728,048
  Jim DeMare plays a pivotal role in Bank of America’s global markets division, overseeing trading and sales across various markets. His expertise in navigating complex financial systems ensures he stays at the top of the compensation game. 

2. William S. “Bill” Demchak – PNC Bank 

• Title: Chairman and CEO 

• Total Compensation: $19,950,306
  Leading one of the largest banks in the U.S., Bill Demchak has earned nearly $20 million through his strategic leadership at PNC. His role includes steering the company through acquisitions and market expansions.

3. Marianne Lake – JPMorgan Chase 

• Title: Co-CEO – Consumer and Community Banking 

• Total Compensation: $17,975,015
  As co-CEO of JPMorgan’s Consumer and Community Banking division, Marianne Lake helps manage the consumer-facing side of the business, ensuring profitability across a range of banking services. 

4. Jennifer A. Piepszak – JPMorgan Chase 

• Title: Co-CEO – Consumer and Community Banking 

• Total Compensation: $17,925,847
  Sharing responsibilities with Marianne Lake, Jennifer Piepszak’s leadership role has placed her in a top compensation bracket, reflecting the importance of consumer banking in JPMorgan’s business model.

5. Andrew Mason “Andy” Sieg – Citibank 

• Title: Head of Wealth 

• Total Compensation: $14,848,291
  Andy Sieg heads Citibank’s wealth division, focusing on growing the assets under management and securing a strong market position for Citibank in wealth management services. 

6. Anand “Selva” Selvakesari – Citibank 

• Title: COO 

• Total Compensation: $14,743,246
  As Citibank’s COO, Selva oversees global operations, ensuring that the bank remains a competitive force in the financial world. His role in managing internal efficiencies is reflected in his impressive compensation. 

7. Jonathan Geoffrey Weiss – Wells Fargo 

• Title: Senior EVP and CEO – Corporate and Investment Banking 

• Total Compensation: $14,623,102
  Jonathan Weiss leads Wells Fargo’s corporate and investment banking sector, a critical part of the company’s operations, contributing heavily to the bank’s overall profitability. 

8. Mark A.L. Mason – Citibank 

• Title: CFO 

• Total Compensation: $14,488,496
  Mark Mason’s role as CFO of Citibank positions him as one of the key figures responsible for the financial health of the institution. His compensation is a testament to his fiscal management expertise. 

9. Matthew M. Koder – Bank of America 

• Title: President – Global Corporate and Investment Banking 

• Total Compensation: $13,617,228
  Matthew Koder’s leadership in global corporate and investment banking at Bank of America has helped the bank remain a leader in large-scale financial transactions and advisory services. 

10. Jeremy Barnum – JPMorgan Chase 

• Title: CFO 

• Total Compensation: $13,221,257
  As CFO, Jeremy Barnum plays a crucial role in keeping JPMorgan Chase’s financials in check, ensuring the bank continues to thrive in an increasingly competitive global market. 

How Can You Boost Your Compensation in Commercial Banking? 

While these top executives are at the pinnacle of the industry, the banking field offers lucrative opportunities for professionals at all levels. If you’re a mid-level or senior banking professional looking to enhance your earning potential, there are several ways to boost your compensation, and one of the most effective strategies is partnering with a specialized recruiter. 

Why Work with a Recruiter? 

1. Market Knowledge: Recruiters understand the compensation benchmarks and trends within the industry, ensuring you receive offers that reflect your true market value. 
2. Access to Hidden Opportunities: Many high-paying positions aren’t posted on job boards. Recruiters have access to exclusive opportunities in commercial banking that you might not find otherwise. 
3. Career Growth: Beyond salary, recruiters can help you map out a career path that leads to more senior roles with higher earning potential in commercial banking—one of the most lucrative sectors in the finance world. 

Final Thoughts 

While it’s unlikely that most of us will reach the $10 million mark like the executives listed above, with the right moves, it’s entirely possible to significantly increase your compensation package in commercial banking. Partnering with a recruiter can give you the insight, connections, and leverage needed to climb the compensation ladder and take your career to the next level. 

If you’re ready to explore how you can boost your earning potential, schedule a call with The Anderson Search Group today to learn more about your opportunities in commercial banking.