JPMorgan CEO Jamie Dimon gets $17M bonus

By Dow Jones Newswires
Posted Feb. 18 at 5:39 a.m.

J.P. Morgan Chase & Co. Chief Executive Jamie Dimon received a 2010 equity bonus worth $17 million, the biggest bonus for a big name Wall Streeter so far this year. Though the equity bonus is similar to the prior year’s award, it still tops those so far given out to Dimon’s banking peers.

According to a filing with the Securities and Exchange Commission, Dimon was given 251,415 units in restricted stock, half of which will vest in January 2013 and the rest a year later. The restricted stock at Thursday’s closing prices would be worth just over $12 million. Dimon was also awarded 367,377 in stock appreciation rights, worth an estimated $5 million based on the Black-Scholes model.

Dimon’s salary for the year wasn’t disclosed, nor was his expected cash bonus.

Last year Dimon was given stock and options worth a combined $17 million at the time, and he received $28 million in 2008. Some calculations, made using the price when the stock was actually awarded, put his bonus last year at $14 million.

J.P. Morgan’s net income soared 48 percent, to $17.4 billion during 2010, with a strong turnaround in its retail segment and card services, as consumer credit improved at the bank. The investment bank continued to be the biggest of the New York bank’s six lines of business.

Earlier this week, the bank, the nation’s second biggest by assets, hosted an investor day conference at which Dimon and other executives touted the bank’s strengths and ability to grow earnings even more in the future.

So far for 2010 bonuses, the big names on the Street have seen sizeable increases as the industry rebounds. At Goldman Sachs Group Inc., all partners got a base pay increase, while Lloyd Blankfein, the chief executive, earned a raise 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 Corp., Chief Executive Brian Moynihan was awarded potentially as much as $9.05 million, though it’s tied to performance targets. The head of the bank’s global markets and banking can earn up to $15.2 million in equity.

BlackRock Inc. Chief Executive Laurence Fink was awarded nearly $13 million in equity.

Citigroup Inc. CEO Vikram Pandit received a hefty salary boost, to $1.75 million from $1. Citigroup hasn’t disclosed any bonus award to Pandit yet.

J.P. Morgan shares, which closed down slightly at $47.82 Thursday, have risen 19 percent during the past 12 months.

-By David Benoit, Dow Jones Newswires

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