Black executive Rene F. Jones earns $9.4 million salary from M&T Bank in 2022

by MMC
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Black leader Rene F. Jones, Chairman and CEO of M&T Bank, a leading community-focused banking franchise in the United States, received significant compensation of $9.4 million in 2022, strengthening its position as one of the world’s leading CEOs.

Jones, who took over as CEO of M&T Bank in December 2017, received compensation that included a base salary of $1 million. He also received a performance-based short-term incentive bonus of $2.4 million, the financial performance of the company during the financial year. Additionally, Jones received a long-term incentive bonus of $6 million.

Rene F. Jones became CEO in December 2017 after a notable stint as CFO from 2005 to 2016, where he ably managed the lender’s financial affairs. In 2005, Jones earned a spot on M&T’s management group, a league of top executives who direct the company’s strategic direction. Since then, he has played a pivotal role in the company’s progression, making strategic decisions that have fueled growth and success.

Guided by Jones, M&T Bank has grown its assets to a staggering $200 billion, boasting an extensive network of more than 1,000 branches as a diverse, community-focused banking franchise. He also played a crucial role in leading the financial management of the company, contributing significantly to M&T Bank’s extraordinary revenue growth.

Under his exceptional leadership, the leading financial services group saw its interest income increase from $3.94 billion in 2021 to $6.25 billion in 2022, while its non-interest income increased slightly from $2.16 billion to $2.35 billion during the same period.

Due to the increase in interest and non-interest income of the group, its profit in 2022 increased from $1.86 billion to $1.99 billion, strengthening its position as one of the service providers top-performing financial institutions in the country under the leadership of René F. Jones.

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