JPMorgan Chase, which reported $11.7 billion in profit in 2009, awarded Chief Executive Jamie Dimon a compensation package worth about $16 million.

Bankers’ compensation has been a hot-button issue amid the financial crisis, as the U.S. government spent billions in taxpayer funds to prop up the banking system which in the summer returned the $25 billion it received from the U.S. Treasury, said Dimon will not take a cash bonus for the second year running.

The 195,704 shares Dimon received on Wednesday are restricted until January 2013, while the 563,562 so-called stock appreciation rights or options expire in January 2020 and have an exercise price of $43.20, according to an SEC filing.

The 195,704 shares were worth about $7.9 million at the market close on Wednesday.

The options, according to a commonly used valuation method, could be worth around $8 million, according to compensation consultant Alan Johnson.
source: CNBC.com

Categories: Market News, US Markets
No Comments »