JPMorgan Chase has clawed back more than $100m in pay from managers responsible for its record trading loss last year and awarded CEO Jamie Dimon less than three of his top lieutenants.
Bloomberg reports that Mary Erdoes, Daniel Pinto and Matthew Zames each received more in total compensation than Dimon for 2012 after the board of directors halved the CEO’s pay for failing to supervise the unit that generated the so-called London Whale trading loss.
The board cited the debacle while cutting Dimon’s 2012 compensation to $11.5m from $23m the previous year.
Zames, 42, and Pinto, 50, who helped clean up the trading mess, were the bank’s highest-paid executives, with each getting $17m, the proxy shows.
Zames, elevated to co-chief operating officer after overhauling the chief investment office last year,'demonstrated leadership and risk-management discipline', the board said. His pay included a cash bonus of $6.1m and $9.2m of restricted stock.
Pinto, also promoted after helping unwind the faulty trades, got a $8.1m cash bonus and $7.1m in restricted stock. He is co-CEO of the corporate & investment bank with Mike Cavanagh.
Erdoes, CEO of asset management, received $15m in total compensation, including a $4.9m cash bonus and $7.4m of restricted stock.
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