Survey: Bank staff compensation trends upward, ‘normalizes’ for most officers

Salaries for many bank staff have risen significantly since 2021, although the median pay raise for many top officers has “normalized” to pre-pandemic levels over the past year, according to a new bank compensation survey by accounting firm Crowe. The median salary for bank CEOs rose from $251,082 in 2021 to $283,388 in 2023, a 12.9% increase. Many tellers saw comparable raises in terms of a percentage of their salaries, ranging from 10.7% to 17%.

Between 2022 and 2023, CEO or president and chief compliance officer, or CCO, received the highest increases of 6.8% and 6%, respectively, according to Crowe. Other top officer salaries rose by about 4% or less, comparable to pay increases before the COVID-19 pandemic. “CCOs are tasked with overseeing an industry that is under increased regulatory scrutiny, which has led to higher demand and a need to pay higher salaries for this limited talent pool,” the firm said.

Salaries for tellers rose from 4.4% to 8.6% during the same period. Crowe noted that teller positions remain the most difficult to recruit and train among banks. At the same time, 64.9% of respondents said that recruiting and retaining younger talent was challenging. “This talent pool wants to work in a business environment that allows for creativity, adapts to change and embraces technology—all areas that can be difficult for banks to navigate,” the firm said.