JP Morgan CEO receives $17 Million as stock bonus
By
siliconindia | Monday, 21 February 2011, 11:07 IST
New York: JP Morgan Chase, the second largest U.S. bank by assets, has given its CEO Jamie Dimon a stock bonus of $17 million dollars for 2010, the biggest reward for a CEO on the Wall Street so far this season.
The stock bonus includes a grant of about $12 million worth of restricted stock, plus options worth about five million dollars.
In a filing with the Securities and Exchange Commission, the bank said Dimon was given 251,415 units in restricted stock, half of which will vest in January 2013 and the rest a year later.
Dimon, 54, was also awarded 367,377 in stock appreciation rights, worth an estimated five million dollars. The appreciation rights have a 10-year term and become exercisable in five installments starting January 2013.
The filing did not disclose Dimon's salary for the year nor his expected cash bonus.
JP Morgan, which is facing a $6.4 billion lawsuit for being complicit in Bernard Madoff's Ponzi scheme, reported a 48 per cent rise in net income to $17.4 billion in 2010.
Dimon's bonus is the largest among his other Wall Street peers so far.
Last month, Goldman Sachs more than tripled the salary of chief executive Lloyd Blankfein to $2 million from $600,000. Blankfein also received $12.6 million in restricted stock, an increase over $9 million in restricted stock in 2009.
At Bank of America, Chief Executive Brian Moynihan was awarded stock awards of $9.05 million, an amount tied to performance targets.
Source: PTI