February 2010
Jamie Dimon, CEO of JP Morgan Chase Bank, is one of the biggest of the big dogs on Wall Street.
So a lot of people were waiting to see what his "number" would be, his 2009 bonus. The wait is over; he will get a bonus valued at around $17 million according to a company filing with the SEC. But instead of it being in cash, it will be in stock and options.
So a lot of people were waiting to see what his "number" would be, his 2009 bonus. The wait is over; he will get a bonus valued at around $17 million according to a company filing with the SEC. But instead of it being in cash, it will be in stock and options.
The non-cash approach is all the rage on Wall Street for the topmost executives at the big firms, as companies try to show that they got the message that Washington policymakers and voters are outraged by Wall Street compensation that in past years past resembled Powerball prizes.
Especially galling has been companies paying bonuses after they and their industry were bailed out by billions of dollars from taxpayers.
By getting stock, Wall Street's top bankers are trying to demonstrate that they have a stake in their companies not taking foolish, short-term risks since that could negatively impact the value of their stock bonuses.
According to the SEC filing, Dimon would receive 195,704 units in restricted stock and 563,562 stock options.
Now all eyes turn to the bonus watch for Lloyd Blankfein, Goldman Sachs' CEO. There's been speculation that he could come in with a really big number, maybe even $100 million, although those who are talking don't know and those who know aren't talking.
