Central banks|The European Central Bank’s Christine Lagarde Earns more than four times what her American official brother, the Financial Times reports.
The income of the President of the European Central Bank, Christine Lagarde, is higher than what the central bank has publicly stated, reports the Financial Times magazine.
Lagarde’s actual total annual income was 726,000 euros in 2024, although the ECB’s annual report stated that the salary was 466,000 euros.
In total, Lagarde earns more than four times what the head of the US Federal Reserve Jerome Powell’s annual salary of 172,720 euros.
According to the ECB, salary information has been reported in accordance with the requirements, and the central bank’s reporting is not subject to the same exact requirements as for listed companies.
European the governor of the central bank (EKP). Christine Lagarden revenues are larger than what the central bank has publicly reported. Tells about it Financial Times papers.
According to the newspaper, Lagarde’s total income is 56 percent higher than what the ECB has stated in its annual report.
In 2024, Lagarde’s total income will reach 726,000 euros. The ECB’s annual report, on the other hand, only reported the basic salary of the CEO, which was 466,000 euros.
According to FT’s report, in addition to the basic salary, Lagarde was paid 135,000 euros in fringe benefits related to housing, among other things.
When assessing Lagarde’s total income, FT also includes her board membership in the Bank for International Settlements (BIS). It is a kind of central bank of central banks. For this position, Lagarde earned around 125,000 euros.
According to the ECB, the CEO’s salary information has been reported in accordance with the requirements. The central bank’s reporting does not have the same exact requirements for income as for listed companies. The ECB refused to comment further on the matter to FT.
According to the ECB, the CEO’s salary was defined when the central bank was founded in 1998, and since then only annual revisions have been made to it, in the same way as for the rest of the ECB’s staff.
Lagarden the income is many times that of the head of the Federal Reserve (Fed) of the United States For Jerome Powell is paid.
Powell’s annual salary is 203,000 dollars, or 172,720 euros. Compared to Wall Street money professionals, that’s small. The salary is defined by federal law.
Unlike Lagarde, Powell does not receive separate compensation for his membership in the BIS board. The reason for this is that US law prohibits federal officials from receiving pay from non-US entities.
Lagarde’s income also remains modest if compared to the salaries of the top managers of European commercial banks or other companies. For example, the CEO of Deutsche Bank Christian Sewing earned 9.8 million euros in 2024 according to FT.
However, in the salary comparison of EU officials, Lagarde’s basic salary is the highest. Chairman of the Commission Ursula von der Leyenkin Earns a fifth less than Lagarde.
Correction 2.1. 10:47 a.m.: Contrary to what was said earlier in the story, Lagarde’s income is more than four times and not nearly four times compared to the salary of the head of the Fed.
Correction 2.1. 11:47 a.m.: Contrary to what was previously implied in the story, the FT’s comparison is about Lagarde’s total income and not just the basic salary.