Top bank executives in the UK and US have received massive pay increases, signaling a return to pre-2008 financial crisis salaries. NatWest, Lloyds Banking Group, and Citigroup have all reported record payouts for their chief executives. NatWest revealed that CEO Paul Thwaite received a £6.6 million pay package for 2025, a 33% rise from his £4.9 million salary the previous year. This marks the largest payout for a NatWest CEO since Fred Goodwin earned £7.7 million in 2006, before the bank required a £45 billion government bailout during the financial crisis. The government sold its final NatWest shares in May, completing the bank’s return to full private ownership. Thwaite’s pay includes a £1.1 million salary, a £1.1 million fixed share allowance, pension and benefits, and a £4 million bonus. The bonus is split between a £1.5 million annual payout, up 68% from £890,000 in 2024, and £2.5 million linked to a long-term incentive scheme. NatWest reported pre-tax profits of £7.7 billion for 2025, a 24% increase from £6.2 billion the previous year. The bank also raised its bonus pool for top bankers by 10.8% to £495 million, the highest since 2013. The report noted that 89 “material risk takers” earned over €1 million (£870,000), with 14 earning more than €2 million. NatWest employed 59,000 permanent staff at the end of 2025. Meanwhile, Citigroup CEO Jane Fraser earned a record $42 million (£31 million) in 2025, up nearly 25% from $34.5 million in 2024. Fraser’s pay included a $1.5 million base salary and a $40.5 million bonus, reflecting strong company performance. Lloyds Banking Group also announced a 20% pay increase for CEO Charlie Nunn, raising his 2025 compensation to £7.4 million, including £4.4 million in bonuses. This is the bank’s highest payout in a decade, since former CEO António Horta-Osório earned £8.7 million in 2015. Lloyds returned to private ownership in 2017, following a £20.3 billion state bailout during the 2008 crisis. Thwaite said he is proud of NatWest’s recent achievements and emphasised that executive pay is determined by the board and shareholder votes. “There’s a very close link between reward and performance,” he said. He also highlighted that a recent decision to lift the banker bonus cap, which had limited payouts to twice the salary, contributed to the higher total. The cap was removed as part of post-Brexit powers to attract top talent to the UK. Lloyds is considering a new pay policy that could allow Nunn to earn up to £17.7 million if share prices continue to rise. Barclays has also increased its bonus pool to £2.2 billion for 2025, a 15% rise from £1.9 billion, marking the largest payout in 12 years. This follows the bank reporting a 13% increase in full-year profits to £9.1 billion. The surge in executive pay reflects both strong financial performance and a broader trend of returning high-level banking salaries and bonuses to levels last seen before the 2008 financial crisis. Analysts warn this could intensify scrutiny on pay practices in the banking sector, especially as public and political attention remains on fairness and financial stability.