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.