$9 Million Bonus For Goldman Sachs CEO Lloyd Blankfein
After much anticipation and speculation, the number everyone on Wall Street has been waiting to hear was finally released late Friday: the bonus haul for the Street's top rainmaker, Goldman Sachs CEO Lloyd Blankfein.What did he get? More than 58,000 shares in company stock to be cashed in over the next five years. At today's closing price of $154.16 those shares are worth more than $9 million.
Blankfein didn't get a cash bonus.
The bonus, though large by Main Street standards, doesn't come anywhere close to Blankfein's legendary haul for 2007. For his efforts, he was paid $26.8 million in cash and $41.1 million in stock and options.
So, was Barack Obama's message about outrageous bonuses heard? Did Wall Street learn?
LinkHere
NEW YORK — JPMorgan Chase & Co. CEO Jamie Dimon received a stock bonus valued at about $17 million for 2009 after steering the big bank through the aftermath of the financial crisis, the company said Friday.
Dimon's bonus carries several restrictions and can be recouped by the bank at any time and for any reason. The stringent measures are aimed at countering criticism over lavish pay at banks that helped cause the financial crisis and then received billions in taxpayer bailouts.
Like other big bank CEOs, Dimon received no cash bonus for 2009. Instead, he got a combination of restricted stock and options, according to regulatory filings.
Dimon's bonus disclosure shifted attention toward Goldman Sachs Group Inc. CEO Lloyd Blankfein, whose 2009 bonus had yet to be disclosed. JPMorgan and Goldman have emerged from the financial crisis as two of the nation's strongest banks, earning billions in profits while rivals including Citigroup Inc. and Bank of America Corp. have suffered losses.
Still, neither JPMorgan nor Goldman have escaped scrutiny over employee pay packages. Both banks are paying bonuses to top executives in restricted stock instead of cash and are adopting "clawback" provisions in an effort to align pay with long-term performance.
Under JPMorgan's new pay structure, Dimon will be restricted from selling 75 percent of his total accumulated JPMorgan stock until he leaves the company, JPMorgan spokesman Joe Evangelisti said. In addition, JPMorgan's board can recoup the entire 2009 stock bonus under any circumstances, Evangelisti said.
JPMorgan received $25 billion in bailout money in the fall of 2008 at the peak of the credit crisis. It paid back that money in the middle of 2009.
Dimon received no bonus for 2008. He received a $27.8 million bonus for 2007, just before the financial crisis began to accelerate. Since then, JPMorgan has solidified its status as one of the nation's top banks. Dimon led the bank to four profitable quarters in 2009, including a $3.28 billion profit in the final three months of the year. LinkHere
Dimon's bonus carries several restrictions and can be recouped by the bank at any time and for any reason. The stringent measures are aimed at countering criticism over lavish pay at banks that helped cause the financial crisis and then received billions in taxpayer bailouts.
Like other big bank CEOs, Dimon received no cash bonus for 2009. Instead, he got a combination of restricted stock and options, according to regulatory filings.
Dimon's bonus disclosure shifted attention toward Goldman Sachs Group Inc. CEO Lloyd Blankfein, whose 2009 bonus had yet to be disclosed. JPMorgan and Goldman have emerged from the financial crisis as two of the nation's strongest banks, earning billions in profits while rivals including Citigroup Inc. and Bank of America Corp. have suffered losses.
Still, neither JPMorgan nor Goldman have escaped scrutiny over employee pay packages. Both banks are paying bonuses to top executives in restricted stock instead of cash and are adopting "clawback" provisions in an effort to align pay with long-term performance.
Under JPMorgan's new pay structure, Dimon will be restricted from selling 75 percent of his total accumulated JPMorgan stock until he leaves the company, JPMorgan spokesman Joe Evangelisti said. In addition, JPMorgan's board can recoup the entire 2009 stock bonus under any circumstances, Evangelisti said.
JPMorgan received $25 billion in bailout money in the fall of 2008 at the peak of the credit crisis. It paid back that money in the middle of 2009.
Dimon received no bonus for 2008. He received a $27.8 million bonus for 2007, just before the financial crisis began to accelerate. Since then, JPMorgan has solidified its status as one of the nation's top banks. Dimon led the bank to four profitable quarters in 2009, including a $3.28 billion profit in the final three months of the year. LinkHere
posted by Kangaroo Brisbane Australia at 6:33 PM
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