Banks' Chief Risk Officers Gain Stature, Compensation
It's a good time to be a bank's chief risk officer. The position is more appreciated in the aftermath of massive defaults on subprime mortgage loans and the price banks have paid for their risky investments. Ten years ago, a $500,000 salary was typical. Now, a salary in the $10 million range is common for chief risk officers at big banks, Bloomberg reports. Bank of America's Bruce Thompson made $11.4 million last year, for example. That was the bank's highest executive salary, Bloomberg reports. Thompson has since been promoted to chief financial officer. "The value of the job has gone up because people have seen how badly things can go if you aren't paying attention. "There is no shortage of companies that will pay for a good risk officer now," Kevin Blakely, chief risk officer at Huntington Bancshares Inc. in Columbus, Ohio, tells Bloomberg.