Asset managers might be closing the pay gap on investment banks, but when it comes to the remuneration of the head honcho, there?s no contest. The best paid CEO on Wall Street is Mario Gabelli, the boss of GAMCO Investors, who received $88.5m last year. Stephen Schwarzman, CEO of the Blackstone Group, was second with $88.5m, according to new rankings from SNL Financial. By comparison, investment banking CEOs have been left short-changed. James Gorman at Morgan Stanley got a mere $23.7m, while Lloyd Blankfein was a close second with $22.1m. Overall, asset management CEOs were paid more than any other sector in the financial services industry.
This article was published in eFinancialCareers, 30th July