Here it is....Whether they deserve it or not (drum roll) Payday for the big bank CEOs (or some of them).
The Wall St Journal reports that Citigroup, J.P Morgan and Morgan Stanley today disclosed their 2011 stock compensation for their leaders. We’ll learn about the size of cash bonuses and other elements of their paychecks in coming months. Here is a rundown of the stock-pay element of the payouts:
Morgan Stanley CEO James Gorman: Stock Awards: 277,768 restricted stock units convertible to stock with a current market value of $5.1 million.
2010 Pay: Morgan Stanley in its proxy statement valued Gorman’s compensation at $15.2 million, including an $800,000 salary, $3.88 million bonus and stock awards the company valued at $10.2 million.
J.P. Morgan CEO Jamie Dimon: Stock Awards: Equity awards with a value of $17 million, including 337,032 restricted stock units equivalent to shares with a current market value of $12.6 million. Dimon was also awarded 562,430 in stock appreciation rights, worth an estimated $5 million based on the Black-Scholes model. A person close to the bank said Dimon’s award was valued by the company as $17 million the day it was awarded by the board of directors. Overall, Dimon will get the same total compensation for 2011 that he got in 2010, a person familiar with the matter said.
2010 Pay: For 2010, J.P. Morgan’s proxy statement valued Dimon’s compensation at $20.8 million, including a $1 million salary, $5 million bonus and stock or option awards the bank valued at $14.2 million.
Citi CEO Vikram Pandit: Stock awards: About 130,947 deferred shares with a current market value of $3.8 million.
2010 Pay: Total compensation was $1. Pandit pledged to take a $1 annual salary and no bonus or stock until Citigroup turned a profit. Last year, Citigroup restored Pandit’s salary to $1.75 million. And this week, Citigroup awarded Pandit his first stock grant in four years...
Find out more at http://blogs.wsj.com/deals/2012/01/20/jamie-dimon-pulls-down-17-million-on-payday-for-big-bank-chiefs/?mod=WSJBlog
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