From Berkshire Hathaway to Blackstone, here is what Wall Street spends to maintain CEOs secure

Wall Street companies spend a reasonably penny on government salaries and compensation, particularly for these on the helm.

In addition to pay packages usually totaling tens of thousands and thousands of {dollars}, most CEOs within the monetary sector obtain different advantages. Given the high-profile nature of their jobs, safety particulars and programs, in addition to non-public automobiles and planes, are sometimes prices that main companies are prepared to incur to maintain executives secure.

Here’s what some Wall Street giants are shelling out for his or her CEOs’ security.

Read extra: Here’s how a lot Big Tech spends guarding its wealthiest CEOs

JPMorgan Chase (JPM) paid round half one million {dollars} — $523,271 — on CEO Jamie Dimon’s safety in 2023, together with $362,226 for private use of the corporate aircraft, $30,400 to make use of company automobiles, and $150,645 for the price of residential, private journey, and associated safety, in response to the corporate’s 2024 proxy assertion.

The veteran CEO acquired $36 million in whole compensation final 12 months.

Security bills for BlackRock (BLK) CEO Larry Fink reached $780,350 final 12 months. That included $216,837 for safety personnel and $563,513 to improve his dwelling safety system, the corporate disclosed in regulatory filings.

BlackRock mentioned the added safety measures had been advisable by an impartial, third-party research and supported by the board of administrators. This was elevated from 2022 amid rising backlash concerning the firm’s range fairness and inclusion (DEI) practices.

Fink acquired $26.9 million in whole compensation in 2023.

Goldman Sachs (GS) paid $77,231 for private automotive use and $29,990 for “private safety” for its CEO, David Solomon, totaling $107,221 in 2023.

Solomon is predicted to make use of the funding financial institution’s company plane, together with for private journey, for safety causes, Goldman mentioned in its most up-to-date proxy assertion. He acquired $31 million in whole compensation final 12 months.

In 2023, Blackstone (BX) spent $4,579,444 associated to safety providers for CEO Stephen Schwarzman and members of his household, the corporate disclosed in its annual report.

The agency mentioned the sum was for its personal profit, and didn’t personally profit Schwarzman. The CEO acquired $119.8 million in whole compensation final 12 months.

A 2022 safety evaluation carried out by an impartial safety advisor discovered that Wells Fargo (WFC) CEO Charles Scharf “ought to keep away from touring by business floor transport or plane” for safety functions, the corporate mentioned in its 2024 proxy assertion.

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As a end result, Wells paid $100,212 for Scharf’s private use of the corporate plane and $3,454 for commuting utilizing the corporate automotive in 2023. Additionally, the financial institution spent $81,264 on assessing and implementing residential bodily and cyber safety enhancements and ongoing upkeep, of which $66,465 coated set up bills, Wells disclosed. That added as much as $251,395.

Scharf acquired a $29 million pay package deal final 12 months.

Berkshire Hathaway (BRK.A) offers private and residential safety providers for its CEO Warren Buffett. Last 12 months, the fee for these providers was $313,595.

“Berkshire’s Board of Directors consider that in mild of Mr. Buffett’s important position as Berkshire’s CEO and on condition that Mr. Buffett spends a big quantity of his time whereas at dwelling on Berkshire enterprise issues that such prices characterize bona fide enterprise bills,” the corporate mentioned in its 2024 proxy assertion.

Unlike most different CEOs, Buffett doesn’t depend on Berkshire-owned jets for private use. Instead, he’s a fractional NetJets proprietor, paying normal charges to entry non-public jets for private journey. He makes use of Berkshire plane for enterprise functions solely, the Omaha-based conglomerate mentioned.

The 94-year-old acquired $413,595 in whole compensation final 12 months, which incorporates his longstanding annual wage of $100,000.

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