From Berkshire Hathaway to Blackstone, here’s what Wall Street spends to keep CEOs safe

Wall Street firms spend a pretty penny on executive salaries and compensation, especially for those at the helm.

In addition to pay packages often totaling tens of millions of dollars, most CEOs in the financial sector receive other benefits. Given the high-profile nature of their jobs, security details and systems, as well as private cars and planes, are often costs that major firms are willing to incur to keep executives safe.

Here’s what some Wall Street giants are shelling out for their CEOs’ safety.

Read more: Here’s how much Big Tech spends guarding its wealthiest CEOs

JPMorgan Chase (JPM) paid around half a million dollars — $523,271 — on CEO Jamie Dimon’s security in 2023, including $362,226 for personal use of the company plane, $30,400 to use corporate cars, and $150,645 for the cost of residential, personal travel, and related security, according to the company’s 2024 proxy statement.

The veteran CEO received $36 million in total compensation last year.

Security expenses for BlackRock (BLK) CEO Larry Fink reached $780,350 last year. That included $216,837 for security personnel and $563,513 to upgrade his home security system, the company disclosed in regulatory filings.

BlackRock said the added security measures were recommended by an independent, third-party study and supported by the board of directors. This was increased from 2022 amid growing backlash about the company’s diversity equity and inclusion (DEI) practices.

Fink received $26.9 million in total compensation in 2023.

Goldman Sachs (GS) paid $77,231 for personal car use and $29,990 for “personal security” for its CEO, David Solomon, totaling $107,221 in 2023.

Solomon is expected to use the investment bank’s corporate aircraft, including for personal travel, for security reasons, Goldman said in its most recent proxy statement. He received $31 million in total compensation last year.

In 2023, Blackstone (BX) spent $4,579,444 related to security services for CEO Stephen Schwarzman and members of his family, the company disclosed in its annual report.

The firm said the sum was for its own benefit, and did not personally benefit Schwarzman. The CEO received $119.8 million in total compensation last year.

A 2022 security assessment conducted by an independent security consultant found that Wells Fargo (WFC) CEO Charles Scharf “should avoid traveling by commercial ground transport or aircraft” for security purposes, the company said in its 2024 proxy statement.

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As a result, Wells paid $100,212 for Scharf’s personal use of the company aircraft and $3,454 for commuting using the company car in 2023. Additionally, the bank spent $81,264 on assessing and implementing residential physical and cyber security improvements and ongoing maintenance, of which $66,465 covered installation expenses, Wells disclosed. That added up to $251,395.

Scharf received a $29 million pay package last year.

Berkshire Hathaway (BRK.A) provides personal and home security services for its CEO Warren Buffett. Last year, the cost for these services was $313,595.

“Berkshire’s Board of Directors believe that in light of Mr. Buffett’s critical role as Berkshire’s CEO and given that Mr. Buffett spends a significant amount of his time while at home on Berkshire business matters that such costs represent bona fide business expenses,” the company said in its 2024 proxy statement.

Unlike most other CEOs, Buffett does not rely on Berkshire-owned jets for personal use. Instead, he is a fractional NetJets owner, paying standard rates to access private jets for personal travel. He uses Berkshire aircraft for business purposes only, the Omaha-based conglomerate said.

The 94-year-old received $413,595 in total compensation last year, which includes his longstanding annual salary of $100,000.

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