Vitol Employees Receive Staggering Average Salary and Bonus of $785,000 Each in 2022
According to recent reports by Bloomberg, the employees of the commodity and energy trading firm Vitol Group made a staggering average salary and bonus of $785,000 each in 2022, almost double the amount from the previous year.
The company's 3,300 employees received this huge raise after the company posted a record profit of $15.1 billion.
This pay package dwarfs the average earnings of staff at big Wall Street banks like Goldman Sachs and Morgan Stanley, who earned an average of $312,000 and $280,000 respectively in 2022.
Vitol's huge profits can be attributed to the surges in the energy and commodity markets sparked by Russia's invasion of Ukraine early last year.
The company, along with rival traders Cargill, Glencore, and Trafigura, made combined profits of nearly $50 billion for 2022, according to Bloomberg.
Vitol, the world's largest independent oil trader, is based in London, but it also made big profits in other areas such as electricity markets and liquefied natural gas trading, as reported by the Financial Times.
More than 400 of Vitol's employee shareholders, who are mostly based in London, Geneva, Singapore, and Houston, shared a $2.5 billion payout last year, as reported by Reuters.
The $15.1 billion figure for 2022 is more than the profits made by the company for the previous six years combined.
Vitol was founded in Rotterdam in 1966 and is based in Switzerland.
The company declined to comment on the matter, and there was no immediate response from Vitol Group to Insider's request for comment, made outside normal working hours.
This pay package dwarfs the average earnings of staff at big Wall Street banks like Goldman Sachs and Morgan Stanley, who earned an average of $312,000 and $280,000 respectively in 2022.
Vitol's huge profits can be attributed to the surges in the energy and commodity markets sparked by Russia's invasion of Ukraine early last year.
The company, along with rival traders Cargill, Glencore, and Trafigura, made combined profits of nearly $50 billion for 2022, according to Bloomberg.
Vitol, the world's largest independent oil trader, is based in London, but it also made big profits in other areas such as electricity markets and liquefied natural gas trading, as reported by the Financial Times.
More than 400 of Vitol's employee shareholders, who are mostly based in London, Geneva, Singapore, and Houston, shared a $2.5 billion payout last year, as reported by Reuters.
The $15.1 billion figure for 2022 is more than the profits made by the company for the previous six years combined.
Vitol was founded in Rotterdam in 1966 and is based in Switzerland.
The company declined to comment on the matter, and there was no immediate response from Vitol Group to Insider's request for comment, made outside normal working hours.
