Together, the CEOs of the biggest U.S. banks earned $258 million in 2025 remuneration as their companies reached all-time highs thanks to a robust economy and a thriving Wall Street.
Last year, the CEOs of JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, and Wells Fargo each made at least $40 million, which is more than 21% more than they did in 2024.
Ted Pick of Morgan Stanley and Charlie Scharf of Wells Fargo received the largest salary increases, at 32% and 28%, respectively. Together, the six banks generated around $600 billion in income in 2025, which was more than any previous year and a 6% rise from the previous year. All banks’ profits increased by 8%.
Jamie Dimon’s salary at JPMorgan increased by 10% to $43 million. During his 20 years as CEO, the 69-year-old has managed the bank’s growth into the biggest in the country. He has not stated when he intends to retire.
An increase in dealmaking and trading volume, which benefited from market volatility brought on by President Trump’s tariffs and other geopolitical worries, was largely responsible for the industry-wide earnings boost. The divisions of Morgan Stanley and Goldman Sachs that contain these activities reported record yearly sales.
Since the Federal Reserve lifted a restriction that had confined Wells Fargo’s assets, Scharf has also taken steps to expand the bank’s Wall Street operations.
The second-highest volume of mergers on record occurred in 2025 as a result of business executives’ renewed confidence to pursue agreements following a turbulent start to the year. This led to an increase in loans, which facilitates these transactions. Additionally, businesses are borrowing money at an unprecedented rate from large banks and other Wall Street industries to fund infrastructure expansions and artificial intelligence.
Additionally, households have persisted in borrowing and spending, which has resulted in interest and fees for the large banks that serve Main Street. The average hourly wage in the United States increased 3.8% in December compared to the same period last year.
Banks have profited from a more relaxed regulatory approach to transactions, funding, and supervision under Trump. With rocket manufacturer SpaceX, artificial intelligence startup Anthropic, and others considering listings, bankers are also expecting that 2026 will be the busiest year for initial public offerings (IPOs).
David Solomon, the CEO of Goldman Sachs, stated on Tuesday that he would anticipate a “speed bump, recalibration, or slowdown” at some time this year. He also mentioned that the U.S. midterm elections and “populist uncertainty” would present further dangers.
