JPMorgan Chase Chairman and CEO Jamie Dimon will be taking home almost $16 million from his bonus made of up restricted stock and options.
The company filed with Securities and Exchange Commission today, reporting that Dimon would take roughly 200,000 shares of restricted stock and over half a million in options. He did not receive a cash bonus, following the trend that Wall Street firms have been following since the recession. The movement from paying employees large cash bonuses to stock and options is a response to the public outcry over bonuses as well as demonstrating an effort to tie employee compensation to company performance.
Based on Thursday's closing price of $38.35 per share, Dimon's restricted stock payment would be worth about $7.5 million. His much larger options payment will only translate into profits if JPMorgan’s stock price rises above $43.20 per share.
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