Fifth Third CEO Gets Big Pay Raise After Record Acquisition

Tim Spence's compensation increased by nearly $1 million in 2025.

Published on Mar. 11, 2026

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Downtown Cincinnati-based Fifth Third Bank, the largest locally based bank and the ninth-largest U.S.-based consumer bank, increased CEO Tim Spence's compensation in 2025 by 9.3% to $11.1 million, according to the company's proxy statement filed with the Securities and Exchange Commission. Spence's pay hike was largely driven by a $1.7 million increase in stock awards.

Why it matters

The significant pay raise for Fifth Third's CEO comes after the bank reached a deal in 2025 to make the biggest acquisition in its history, underscoring the financial rewards for top executives at major financial institutions even as concerns about income inequality persist.

The details

Fifth Third (Nasdaq: FITB) hiked Spence's compensation in 2025 to $11.1 million, up from $10.1 million in 2024, marking a 9.3% increase. The vast majority of Spence's pay hike, $1.7 million, came from increased stock awards, lifting that category of his pay to $7.1 million.

  • Fifth Third reached a deal in 2025 to make the biggest acquisition in its history.
  • Spence's compensation increased by 9.3% in 2025 compared to 2024.

The players

Fifth Third Bancorp

The largest locally based bank and the ninth-largest U.S.-based consumer bank, headquartered in downtown Cincinnati.

Tim Spence

The CEO of Fifth Third Bancorp who received a significant pay raise in 2025.

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The takeaway

This story highlights the continued trend of outsized executive compensation at major corporations, even as income inequality remains a persistent societal issue. It raises questions about the appropriate balance between rewarding top talent and ensuring fair pay practices across the workforce.