SA banking CEO pay vs the world

The Financial Times (FT) has published a list of what the world’s top bankers were paid in 2014 – here is how our local bankers compare.

Nedbank CEO, Mike Brown is the top earner in the South African retail banking sector, taking home a base salary of R7 million in 2014, with bonuses and share options pushing his final wage to R35 million – a 7.7% increase from 2013.

However, moving past just retail banking, Investec CEO, Stephen Koseff achieved a total package of R46.7 million in 2014.

South Africa’s best paid executives pale when compared to global banking salaries, however.

According to the FT, JPMorgan Chase’s CEO, Jamie Dimon, managed to take home $27.6 million (R342 million) in 2014.

Dimon, as well as Morgan Stanley CEO James Gorman (who earned the equivalent of R287 million) saw big increases in pay in 2014; however, both executives are outliers, according to the FT.

The financial publication cited an analysis from research firm Equilar, looking at remuneration at 15 large global banks, which found that other banking CEOs “enjoyed a substantial but less spectacular average pay rise” of 17% in 2014.

South Africa’s CEOs saw a mixed bag in terms of increases. The table below outlines the change in SA pay over the last financial year.

SA banking CEO salary increase/decrease, 2013/14 – 2014/15 (ZAR millions)

Bank CEO 2013/14 2014/15 Change
Investec Stephen Koseff 37.758 46.699 23.7%
Capitec Gerrie Fourie 9.052 10.325 14.1%
FirstRand Sizwe Nxasana 26.039 29.488 13.3%
Nedbank Mike Brown 32.532 35.050 7.7%
Absa Maria Ramos 28.658 28.571 -0.3%
Standard Bank Sim Tshabalala 28.682 24.278 -15.4%
Standard Bank Ben Kruger 28.806 19.010 -34.0%
FNB Jacques Celliers 22.108 13.513 -38.9%

Here is how South African bankers compare to global counterparts in total pay for 2014.

The totals below include base salary, bonuses and share options.

SA vs global banking CEO pay
SA vs global banking CEO pay

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SA banking CEO pay vs the world