Richard Fuld, chairman and chief executive of Lehman Brothers, received a 57% pay rise in 2003, taking his total pay to just under $20m (€16.1m).

Fuld received a package of $19.8m last year, one-third of it in cash. Bradley Jack and Joe Gregory, co-chief operating officers, enjoyed higher pay rises. Each earned $14.6m, up nearly two thirds on the previous year.