Macquarie investment banking chief Nicholas Moore earned only slightly less than Moss: $18.2 million. Both took home twice as much as Moss' former Harvard classmates, Lafley and Wagoner. Moss defends Macquarie's high executive compensation by pointing out it is based on profits. "Over 90 per cent of the remuneration of the top management team is performance related," he says. "The bank's performance has been outstanding, and remuneration is a function of that performance." Macquarie's biggest challenge now comes from rival banks. But Moss contends there is plenty of business to go around.