JPMorgan Chase (JPM) CEO Jamie Dimon was ranked by Bloomberg Markets Magazine on Wednesday as the top Wall Street CEO, delivering the greatest value for investors during the 2008 financial crisis, TARP bailout, Great Recession and economic recovery.
Bloomberg used 2008 and 2009 stock returns combined with compensation per million dollars of assets over the same period to create its rankings of "Best Value Finance CEOs" and "Least Value Finance CEOs."
Star Performer Among CEOs
Dimon, who took a 96% salary cut after the financial crisis forced his bank to accept $25 billion in bailout funds from the U.S. government's Troubled Asset Relief Program, certainly earned the recognition. He not only managed to pay back the billions in bailout funds with interest, but also delivered a 0.3% return to investors during some of the worst economic conditions in history. None of the other CEOs ranked in the top 10 delivered any positive return for investors.
Dimon was followed on the ranking by Wells Fargo's John Strumpf, Capital One Financial's (COF) Richard Fairbank, M&T Bank's Robert G. Wilmers (MBT) and Goldman Sachs Group's (GS) Lloyd Blankfein.
Topping the Least Value CEO rankings were KeyCorp's (KEY) Henry Meyer III, Regions Financial's (RF) Dowd Ritter, Western Union's (WU) Christina Gold, State Street's (STT) Ronald Logue and Sun Trust Banks's (STI) James Wells III. Ritter, Gold and Logue have either left their positions or announced they are leaving. By receiving high compensation while producing significant losses, these CEOs provided little value to shareholders.
Jamie Dimon Ranked Top Finance Chief