Head of commodities at Macquarie paid £31 million last year – more than his CEO and the bosses of JP Morgan and Goldman Sachs
The head of raw materials at Macquarie received £31 million last year – more than his CEO and the bosses of JP Morgan and Goldman Sachs.
Nick O’Kane got the windfall as profits from the Australian bank’s commodities division, which trades oil, gas and electricity, rose 54 percent to £3.2 billion.
It meant that for the second year running he was paid more than Macquarie chief executive Shemara Wikramanayake, who earned £17.6 million.
Windfall: Nick O’Kane got the windfall as profits of the Australian bank’s commodities division, which trades oil, gas and electricity, rose 54 per cent to £3.2bn
That surpassed wealth on Wall Street, where JP Morgan boss Jamie Dimon made just over £27 million and Goldman chief David Solomon made about £20 million. Scottish banker Jane Fraser, the CEO of Citigroup, took home £19 million.
The huge payout for O’Kane underlined the strength of the commodity trading business at Macquarie.
Chairman Glenn Stevens said: ‘This is an exceptional year, so it is no surprise that it is an exceptional number.’
O’Kane, who joined in 1995 and took over as head of commodities and global markets in 2019, has made Macquarie the most powerful player in the US gas and energy market.