How much do bank executives earn?

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Almost 190 million zlotys – this is the number of nine largest banks in Poland spent on the remuneration of their management boards. The record holder turned out to be the president of Pekao SA, which in half a year earned almost PLN 10 million.

Almost 52 million in 6 years

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The bank’s best paid manager in 2017 was the steersman of Pekao SA Luigi Lovaglio. Italy earned as much as PLN 9.8 million for six months. It is only PLN 2.2 million less than in the whole of 2016. It would seem that the said amount, almost 10 million, was greatly influenced by severance pay. Nothing could be more wrong. It amounted to only 30,000 zł. Bonuses for the years 2012 – 2016 constituted over PLN 7 million.

Pekao, which until recently belonged to the UniCredit Group, did not spare money for the salary of the bank’s president. Lovaglio, for six years of his rule, has collected up to 51.7 million zlotys! 2015 was the most abundant year for the Italian, when he earned PLN 13.2 million. Averaging, he received 23.6 thousand for each day of his presidency. zł! The lion’s share of his emolument was various supplements, e.g. for work outside the country of residence. In this respect, it is interesting to compare the earnings of the former head of Pekao with the current one.

In the second half of 2017, the Italian successor – Michał Krupiński – received PLN 1 million. The difference is therefore colossal. The new president was no worse. Under Krupiński’s earnings, the bank’s earnings increased to PLN 2.5 billion from 2.3 billion. On the other hand, the return on equity increased to 10.6 percent. (9.9% a year earlier).

“Transaction Bonus” worth millions

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Wojciech Sobieraj was the second highest paid president in 2017. Like Lovaglio, he also ended his reign in June. During this time, his portfolio increased by PLN 6.2 million. This amount is PLN 3.6 million higher than the one he earned in the entire 2016

. So if we compare the amount of earnings in percentage terms, it turns out that the salary of the founder and former helmsman of Alior Bank increased the most – by almost 140%. The institution’s annual report does not find information that the amount of this amount was affected by severance pay. The bank’s management board received a “transaction bonus” of PLN 12.7 million. This was the result of Alior taking over a separate part of BPH. Michał Chyczewski became the successor of Sobieraj, who earned 809,000 from July to the end of the year.

PLN, being one of the three CEOs whose remuneration did not exceed PLN 1 million in 2017. The other two are: Tomasz Bury (PLN 969 thousand, Idea Bank) and Przemysław Gdański (BGŻ BNP Paribas, PLN 321 thousand). However, they both began to hold their office only in November.

Economical PKO and BZ WBK

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Joao Nuno Lima Bras Jorge, president of Bank Millenium, took the lowest place on the podium. In the whole of 2017, he earned PLN 5 million. That’s 300,000 PLN more than a year ago

. The Portuguese’s salary is also the largest among all managers who are still in their positions. As you can see, we won’t find the head of the largest bank in Poland, PKO BP, among the three most generously paid CEOs of financial institutions. Zbigniew Jagiełło – as we are talking about – earned PLN 3.3 million in 2017, i.e. by 400,000 more than a year ago. Exactly the same amount increased the bank account of Bruno Bartkiewicz from ING Bank Śląski. It is Jagiełło, together with Michał Gajewski (BZ WBK, PLN 2 million) who are the “cheapest” bank governors.

All because their last year’s pay absorbed the smallest percentage of profits generated by managed institutions, 0.11%, respectively. and 0.09 percent

And how much do regular employees earn?

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The nine largest banks in Poland paid out to their CEOs a total of almost PLN 42 million in the previous year. On the other hand, as informs, the remuneration of entire management boards consumed PLN 189 million, i.e. by 28%. more than a year ago.

The largest increase on an annual basis was in Alior (120 percent), Pekao (60 percent) and Idea Bank (42 percent). What are the salaries of other bank employees against this background? An example is the annual PKO BP report. According to it, the average monthly salary of the director oscillates around 19 thousand. PLN gross. Unfortunately, women in this position receive an amount of about 5 thousand. PLN smaller. Managers can count on 11,000 PLN, and a regular employee at 6-7 thous. zł. Of course, these are average rates for the whole bank. You earn much better at the institution’s headquarters.