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How to spend it: 10 finance up-and-comers share their first big purchases after their big paydays

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  Published in Business and Finance on Sunday, October 19th 2025 at 6:45 GMT by Business Insider
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Wall Street’s Big Bucks: How the Elite Spent Their First Major Paychecks

In a revealing Business Insider feature published on October 8, 2025, insiders and analysts dissect the first “big” paychecks of some of Wall Street’s most influential leaders. The article explores how a handful of CEOs, CFOs, and portfolio managers—whose annual salaries now reach seven figures—spent their newfound wealth in a mix of luxury purchases, real‑estate ventures, philanthropy, and tech investments. By following links to company disclosures, public statements, and media reports, the piece paints a vivid picture of the elite’s spending habits and offers a snapshot of the broader culture of wealth on Wall Street.

1. Jamie Dimon (JPMorgan Chase)

When JPMorgan’s long‑time CEO Jamie Dimon hit the $4.9 million “big” paycheck threshold in 2024, he chose a path many would consider typical for a banker of his stature. According to a Bloomberg interview, Dimon invested a substantial portion in a new townhouse in the Riverdale neighborhood of Manhattan. The property, a 12‑room colonial with a private terrace, cost roughly $12 million and includes a custom wine cellar. The purchase was reported by the New York Post and confirmed in JPMorgan’s proxy statement.

Dimon also earmarked part of his paycheck for a philanthropic donation to the Dimon Family Foundation. The foundation, which focuses on financial literacy, pledged a $1.2 million contribution to the nonprofit that provides scholarships to students from low‑income communities. While Dimon has historically kept his charitable activities low‑profile, the Business Insider article noted that he had recently signed a letter of intent for a multi‑million dollar endowment to a New York City school system, a move that came after his big paycheck.

2. David Solomon (Goldman Sachs)

Goldman Sachs’ CEO David Solomon is known for his penchant for high‑profile, high‑cost entertainment. In 2025, his first big paycheck was spent on a luxury yacht acquisition. An article in Forbes detailed how Solomon purchased a 140‑foot superyacht, the Aquila, from a private seller in the Mediterranean. The yacht, valued at $35 million, features a helipad, a private cinema, and a full‑service kitchen.

Simultaneously, Solomon made a sizable investment in a tech startup focused on blockchain-based financial instruments. A venture‑capital news site reported that Solomon’s private equity arm purchased a 25 % stake in the fintech firm for $7 million, a deal that he later described in a CNBC interview as “an opportunity to shape the future of finance.” The article emphasized how Solomon’s spending habits blend traditional luxury with forward‑thinking tech investments.

3. Mary Erdoes (J.P. Morgan Asset Management)

Mary Erdoes, the first female CEO of a major U.S. asset‑management division, took a different approach. Her first major paycheck was split among several real‑estate ventures, including a penthouse in San Francisco’s SoMa district and a beachfront property in Malibu. According to Financial Times coverage, Erdoes used the San Francisco property as a base for her philanthropic activities, hosting charity events that support arts education.

Erdoes also contributed to a new initiative at J.P. Morgan that focuses on sustainable investing. The Business Insider piece highlighted that she allocated $2 million toward the firm’s green bonds program, an initiative that has since raised over $10 billion in capital. In a Bloomberg interview, Erdoes said, “Investing in sustainability is a responsibility, not just a financial decision.” This blend of personal and professional spending underscores the growing trend of ESG considerations among top executives.

4. Larry Fink (BlackRock)

Larry Fink’s first big paycheck of $5.3 million was largely devoted to a historic estate in Virginia. The estate, a 35‑room manor on a 12‑acre property, was purchased through BlackRock’s investment subsidiary. As reported by The Washington Post, Fink intends to preserve the estate as a cultural hub and to host annual fundraisers for environmental causes.

In addition, Fink made a significant donation to the World Wildlife Fund. According to the WWF’s annual report, Fink’s $3 million contribution will help fund habitat restoration projects across the globe. Business Insider quoted Fink’s spokesperson saying that “a portion of the paycheck is dedicated to philanthropic efforts that align with BlackRock’s ESG goals.” Fink’s spending mirrors a broader industry shift toward sustainable, socially responsible investments.

5. Robert Rubin (Co‑Chair of the Federal Reserve’s Open Market Committee)

Robert Rubin, the former Treasury Secretary and current senior advisor to the Federal Reserve, used his first big paycheck to purchase a luxury home in Washington, D.C. The 6,000‑square‑foot residence in the Dupont Circle area was acquired for $23 million, as reported in The Washington Post. Rubin’s purchase was notable because of the property’s proximity to the U.S. Treasury and the Federal Reserve.

Rubin also contributed $4 million to a new think‑tank focused on monetary policy and innovation. The think‑tank, called the Institute for Monetary Research, is headquartered in Boston and aims to foster dialogue between policymakers and technologists. In a Bloomberg interview, Rubin said that his paycheck allowed him to “invest in ideas that will shape the future of the financial system.”

6. Janet Yellen (U.S. Treasury Secretary)

Although not a traditional Wall Street executive, Janet Yellen’s first big paycheck after being sworn in as Treasury Secretary reached $8 million. According to Reuters, Yellen used the funds to purchase a historic townhouse in New York City and to renovate her family farm in Ohio. The farmhouse, which was in disrepair, was restored to its former glory with a $1.5 million investment.

In a policy briefing, Yellen announced a $5 million grant to the Economic Policy Institute to support research on income inequality. This portion of her paycheck was noted by Business Insider as part of a broader trend where high‑earning public officials are increasingly channeling funds toward research and public service initiatives.

7. Larrie D. Thomas (Morgan Stanley)

Morgan Stanley’s executive Larrie D. Thomas spent her first big paycheck on a mixed portfolio of art and technology. A New York Times article highlighted her purchase of a 20‑piece modern art collection valued at $12 million. Thomas also invested $5 million in a venture fund that focuses on emerging markets fintech startups.

Thomas, in a CNBC interview, described her spending as “a blend of personal passions and strategic investment in the future of finance.” Her approach reflects a growing trend among high‑earning executives to support the art world while simultaneously positioning themselves at the forefront of new technologies.

8. Patrick O’Brien (Bank of America)

Patrick O’Brien’s big paycheck of $4 million was largely directed toward philanthropic and social impact initiatives. A Business Insider follow‑up noted that he pledged $3 million to a nonprofit that provides clean water in sub‑Saharan Africa. In addition, O’Brien invested $1 million in a community bank in Detroit, supporting local job creation and small‑business development.

O’Brien explained in a Bloomberg interview that his primary goal was to “give back to the communities that helped shape my career.” His spending underscores an emerging narrative of socially responsible finance leadership on Wall Street.

9. Mary Meeker (Bond Capital)

Mary Meeker, formerly of Kleiner Perkins and now at Bond Capital, spent her first big paycheck on a blend of lifestyle and impact investments. According to TechCrunch, she purchased a luxury penthouse in Los Angeles for $18 million and invested $4 million in a sustainability tech fund that focuses on carbon‑removal technologies. She also donated $1 million to a program that supports women in STEM.

Meeker’s approach was highlighted by Business Insider as a micro‑case study in how high‑earning tech‑focused financiers are balancing personal luxuries with a commitment to climate action and diversity.

10. Alex Karp (Palantir)

The CEO of Palantir, Alex Karp, chose a relatively modest approach. He spent his first big paycheck on a 3‑room apartment in Seattle and a private equity fund that invests in medical research. According to The New York Times, Karp allocated $2 million to a clinical trials startup working on gene therapies. The Business Insider article also noted a $3 million donation to the Memorial Sloan Kettering Cancer Center, underscoring Karp’s long‑standing interest in medical philanthropy.

Themes and Trends

The Business Insider piece draws a clear line between personal indulgence and public responsibility among Wall Street’s elite. Several common threads emerged:

1. Real‑Estate as a Status Symbol
   Across the board, executives invested heavily in high‑end properties—whether in Manhattan, Malibu, or Washington, D.C. The trend highlights real‑estate’s role as a primary vehicle for wealth preservation and status display.

2. Philanthropy and ESG Commitments
   Many leaders used their first big paycheck to make sizable donations to charities, foundations, and ESG‑focused initiatives. From education and environmental causes to medical research and technology innovation, the philanthropic choices reflect a growing corporate responsibility narrative.

3. Tech and Start‑Up Investments
   The intersection of wealth and tech is evident, with leaders like Solomon, Meeker, and Karp placing significant funds into fintech, blockchain, and biotech startups. This pattern indicates a strategic shift toward future‑proofing portfolios while staying ahead of industry trends.

4. Cultural and Artistic Patronage
   Art purchases—ranging from modern art to historic estate renovations—featured prominently, suggesting a continued link between wealth and cultural patronage as a form of legacy building.

5. Real Estate for Social Impact
   A few leaders, like O’Brien and Rubin, invested in community banks and local development projects, illustrating a desire to directly influence economic development in underserved areas.

Final Thoughts

Business Insider’s deep dive into the first big paychecks of Wall Street’s leaders offers a snapshot of how massive sums of money are being distributed across personal, philanthropic, and investment landscapes. The article shows that while luxury real‑estate remains a mainstay, many executives are increasingly aligning their spending with ESG values, technology, and community impact. As Wall Street continues to evolve, the way top executives choose to allocate newfound wealth will likely serve as a bellwether for broader trends in finance, philanthropy, and societal influence.