Neeraj Singh
M&T BANKAbout Neeraj Singh
Neeraj Singh, age 54, is Senior Executive Vice President (since 2024) and Chief Risk Officer (effective January 31, 2025) at M&T Bank Corporation, joining from USAA where he served as CRO; prior roles include CRO and Head of Global Consumer Modeling at Citigroup’s U.S. Consumer Bank, with earlier risk leadership posts at TD Bank and Barclays; he holds an undergraduate degree from Birla Institute of Technology and an MBA from the University of Maryland . He steps into the CRO role following a strong 2024 at M&T: GAAP net income $2.59B, diluted EPS $14.64, ROA 1.23%, net operating ROTCE 14.5%, CET1 11.68%, NIM 3.58%, criticized C&I/CRE loans down from $12.6B to $9.9B, and resumed buybacks (2.1M shares, $400M) alongside a 3% dividend increase, providing a constructive backdrop for risk execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| M&T Bank Corporation | Chief Risk Officer | 2025–present | Leads enterprise risk strategy and governance; joins Executive Leadership Team reporting to CEO and Board Risk Chair . |
| M&T Bank Corporation | Senior Executive Vice President | 2024–2025 | Executive officer designation ahead of CRO transition . |
| USAA | Chief Risk Officer | 2021–2024 | Oversaw financial and non‑financial risks and compliance across complex environments . |
| Citigroup U.S. Consumer Bank | Chief Risk Officer & Head of Global Consumer Modeling | 2017–2021 | Led consumer risk modeling and CRO responsibilities for U.S. Consumer Bank . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No public company directorships or external board roles disclosed in filings . |
Fixed Compensation
- No Singh‑specific base salary, target bonus, or 2025 pay mix disclosed as of the latest proxy and 10‑K; M&T emphasizes pay‑for‑performance, with heavy use of long‑term equity and discretionary STI guided by scorecards .
- M&T does not enter into individual employment contracts with executives (reduces guaranteed pay, increases at‑risk alignment) .
Performance Compensation
| Component | Metric | Weighting | Target/Thresholds | Actual/Payout (most recent disclosed) | Vesting |
|---|---|---|---|---|---|
| PHSUs | Absolute ROTCE (safety & soundness) | 100% | ≥ 5% annual hurdle | 2024 ROTCE 14.5% → tranches for 2022–2024 grants vested at target | Ratably over 3 years; tranche forfeited if hurdle not met . |
| PVSUs (2024 grant design) | Absolute & Relative ROTCE | 100% | Absolute ≥17% → 150% payout; 5%–<17% scaled by peer percentiles; <5% → 0% | 2022–2024 3‑yr avg ROTCE 16.3% → 77% earn‑out; DEUs paid proportionally | 3‑year cliff; 0%–150% payout . |
| PVSUs (2025 grant design) | ROTCE and ROTA | 50% ROTCE; 50% ROTA | ROTCE: same as 2024 design; ROTA: ≥1.25% → 150%; 0.35%–<1.25% scaled by peer percentiles; <0.35% → 0% | Not yet applicable to Singh disclosed; program parameters set for 2025 | 3‑year cliff; 0%–150% payout; DEUs accrue . |
| Stock Options (NQSOs) | Share price appreciation | — | Exercise price = grant‑date close | Value only if stock price rises; used as smaller fraction of LTI in 2025 mix | Vest ratably over 3 years; 10‑year term . |
Equity Ownership & Alignment
| Policy | Requirement | Notes |
|---|---|---|
| Executive Stock Ownership Guidelines | CEO: 6x base salary; Other NEOs: 3x; Other exec officers: 2x | Compliance expected within 5 years; must hold 50% of net shares from equity settlements until threshold met; all executive officers were in compliance as of Feb 14, 2025 . |
| Anti‑Hedging | Prohibits hedging or short‑term trading in M&T securities | Applies to all employees and directors . |
| Anti‑Pledging | Prohibits pledging for directors and restricts executive pledging to limited circumstances | None of the NEOs pledged securities in 2024; prior policy mechanics detailed (excess over ownership guidelines; ability to repay without pledged shares; approvals) . |
- Individual share ownership for Singh was not disclosed in the 2025 proxy stock ownership table; executives as a group held 871,554 shares (with options details for named officers) .
Employment Terms
| Topic | Terms | Implications |
|---|---|---|
| Severance Pay Plan | Broad‑based plan; continuation of cash base salary up to 104 weeks; benefits continuation up to 18 months at active employee rate for eligible terminations (Qualifying Event) . | Provides baseline protection; not a bespoke contract; amount based on position/years of service . |
| Change‑of‑Control (Equity) | All vesting restrictions lapse at CIC; PVSUs pay the greater of target or actual performance as of the quarter‑end before CIC announcement; cash severance payable only upon termination . | Equity is effectively single‑trigger; cash severance remains double‑trigger . |
| Retirement/Death/Disability (Equity) | Death/disability → immediate vest at target; retirement eligibility (generally ≥55 and ≥10 years service): PHSUs vest immediately; PVSUs/NQSOs continue vest on original schedules; NQSOs exercisable up to earlier of 4 years post‑retirement or original term . | Encourages longer tenure; preserves performance linkage for PVSUs post‑retirement . |
| Employment Contracts | Company does not enter into employment contracts with executives . | Lower guaranteed protections; greater pay‑for‑performance discretion . |
| Clawback/Forfeiture | Forfeiture policy enables downward adjustments and cancellation of unvested equity for significant loss events, restatements, or risk policy violations; SOX clawback for CEO/CFO . | Strong malus/clawback framework supports risk alignment . |
Investment Implications
- Incoming CRO has deep multi‑institution risk credentials (USAA CRO; Citi U.S. Consumer Bank CRO/modeling lead) with formal elevation to executive officer and CRO, positioning him to sustain 2024 momentum in criticized loan reduction, capital strength, and risk governance subcommittee oversight; this lowers execution risk in risk management transition .
- Compensation alignment is robust: ownership guidelines (2x–6x salary) with anti‑hedging/pledging constraints, forfeiture/clawback, and LTI metrics tied to absolute/relative ROTCE and ROTA with multi‑year vesting; these features mitigate short‑termism and align incentives with durable returns and safety and soundness .
- Equity vesting accelerates at CIC (single‑trigger for equity), but cash severance requires termination; watch for any future Form 8‑K/Item 5.02 offer letter or Form 4 activity to assess potential insider selling pressure or retention sweeteners; none disclosed to date .
- Shareholder support for pay was high (94% say‑on‑pay), and the C&HC Committee increased PVSU weighting and reduced options in 2025 LTI mix, signaling a tilt toward performance‑conditioned equity over pure optionality—supportive of long‑term TSR correlation and reduced repricing risk .