An Irishman has been named as one of the 50 best paid executives on Wall Street after he turned down the chance to run bailed-out AIB, wheresalaries are capped at €500,000 a year. Donegal-born Liam McGee is CEO of Hartford Financial Services, oneof the biggest insurance and wealth-management firms in the US. Before he joined the US firm in 2009, Mr McGee was tipped as thefront-runner to manage AIB, following the nationalisation of thebank. However, it would have meant signing up for a maximum€500,000-a-year salary and Mr McGee took the job at Hartfordinstead. |
In contrast, his starting salary at Hartford in the US was $1.1m(€880,000) in 2009, and has since risen to $1.4m (€1.1m). Last year, his take-home pay hit $7.9m (€6.3m), after helanded bonuses of $6.5m (€5.2m). It was enough to see him ranked as the 39th best paid US financialservices executive, according to research by Bloomberg. Mr McGee moved to the US at a young age and is little known outsidethe banking world. Before he moved to Hartford, and before beingtipped for the top job at AIB, he headed Bank of America 's consumer and small business unit -- serving 50 millioncustomers.
News of his US pay deal is sure to lead to increased calls fromwithin the banking industry for an lift in the cap on pay atbailed-out banks. However, the research from Bloomberg reveals that a 20pc increasein US executive pay last year did not lead to any improvement forshareholders. In 2009, the top job at AIB went initially to Colm Doherty, along-time executive with the bank. Last year, David Duffy took overas ceo. Pay for both was capped at €500,000 a year.
Executives According to Bloomberg's research, cousins Henry Kravis and George Roberts of KKR were the best paid executives on Wall Street , with take-home pay of $30m and $29.9m respectively. Warren Buffet -- famed as the "sage of Omaha" for his investment savvy -- took asalary of $500,000 last year, the only senior US financier earningless than the Irish salary cap. Mr McGee is the only Irish-born executive in the ranking oftop-paid Wall Street executives, though a high proportion of thebest paid bankers are of Irish descent, including Bank of America's Brian Moynihan and Morgan Stanley's James Gorman. All 50 of the best paid executives are men.
- Donal O'Donovan Irish Independent.
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