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Bank Risk Officers Earn Big Bucks

Derivatives meltdown raises risk execs' profile; BofA's Thompson paid $11.4 mln.

By Jeff Green, Bloomberg | Updated on July 11, 2011

Bank of America Corp. Chief Risk Officer Bruce Thompson received $11.4 million in compensation in 2010, the most awarded to an executive at the bank, and this year he was promoted to chief financial officer. His stature isn’t an anomaly

Citigroup Inc., American International Group Inc. and UBS AG are among other companies raising the profile of risk executives. The derivatives meltdown that sparked the 2008 Lehman Brothers Holdings Inc. collapse and an 18-month recession catapulted the role from obscurity to contention for future chief executive officers.

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