How important is the wealth management business to banks? For some, it's so important they're willing to pay top dollar not only for advisors but also their wealth execs.
Of the 40 odd banks that own their broker-dealer, eight list their wealth management executives among their five highest paid officers, according to an analysis of their latest proxy statements.
These eight executives are with large banks as well as smaller regional banks. Here are all eight in ascending order by total compensation each earned in 2014.
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Jonathan D. Dargusch, WesBanco Bank Inc.
Title: Executive Vice President, Wealth Management
Base Salary: $230,270
Bonus: $0
Stock/Option Awards and Other Compensation: $194,382
Total: $424,652
Galan G. Daukas, People's United Bank
Title: Senior Executive Vice President, Wealth Management
Base Salary: $380,000
Bonus: $0
Stock/Option Awards and Other Compensation: $1.01 million
Total: $1.31 million
Clifton J. Saik, Hancock Bank
Title: Chief Wealth Management Officer
Base Salary: $386,260
Bonus: NA
Stock/Option Awards and Other Compensation: $1.01 million
Total: $1.4 million
Curtis C. Farmer, Comerica Bank
Title: Vice Chairman, Wealth Management and Retail Bank
Base Salary: $625,692
Bonus: $0
Stock/Option Awards and Other Compensation: $1.44 million
Total: $2.1 million
James E. Dunlap, Huntington Bank
Title: Senior Executive Vice President, Regional Banking and Private Client Group Director
Base Salary: $518,333
Bonus: $0
Stock/Option Awards and Other Compensation: $2.28 million
Total: $2.8 million
Steven L. Fradkin, Northern Trust
Title: President, Wealth Management
Base Salary: $600,000
Bonus: NA
Stock/Option Awards and Other Compensation: $4.05 million
Total: $4.65 million
David M. Carroll, Wells Fargo
Title: Senior Executive Vice President, Wealth, Brokerage and Retirement
Base Salary: $1.7 million
Bonus: $0
Stock/Option Awards and Other Compensation: $8 million
Total: $9.7 million
David C. Darnell, Bank of America
Title: Vice Chairman, Global Wealth and Investment Management
Base Salary: $1 million
Bonus: $3.1 million
Stock/Option Awards and Other Compensation: $5.88 million
Total: $9.98 million
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