JPMorgan Chase Chairman William Harrison and Chief Executive Jamie Dimon didn’t have a half bad 2005 pay-wise, so not to worry — they won’t be standing in front of Chase retail branch cash machine entrances opening doors and begging for tips anytime soon. They were each paid $22.3 million….
JPMorgan disclosed the compensation packages in a proxy filing with the U.S. Securities and Exchange Commission. It is the last major U.S. commercial or investment bank to disclose how it paid its top executives for 2005.
Harrison, 62, and Dimon, 50, were each awarded a $1 million salary, an $8.4 million bonus and $12.6 million of restricted stock.
Other compensation, largely for the use of company aircraft and automobiles, totaled $338,815 for Harrison and $295,516 for Dimon.
Harrison and Dimon were respectively paid about $16.1 million and $15.2 million in 2004, JPMorgan said.
The pay packages are comparable to pay awarded to other big commercial banks’ chief executives, and below the pay awarded to chief executives of top Wall Street investment banks.
Citigroup Inc.’s <C.N> Charles Prince was awarded $23 million, Bank of America Corp.’s <BAC.N> Kenneth Lewis $22 million, Wells Fargo & Co.’s <WFC.N> Richard Kovacevich $21.9 million, and Wachovia Corp.’s <WB.N> Ken Thompson $16.9 million.
On Wall Street, Goldman Sachs Group Inc.’s <GS.N> Henry "Hank" Paulson received $38.8 million, Merrill Lynch & Co.’s <MER.N> Stanley O’Neal $37 million, Lehman Brothers Holdings Inc.’s <LEH.N> Richard Fuld $34.5 million, and Bear Stearns Cos.’ <BSC.N> James Cayne $28.4 million. Morgan Stanley’s <MS.N> John Mack received $13 million for five months of work.
JPMorgan pays chairman and CEO $22.3 mln each – Reuters
