The former head of investment banking for EMEA at Credit Suisse will receive a stock bonus worth about US$45m in today's terms from his new employer over the next seven years, according to a regulatory filing.
Reuters reports that Jamie Welch left Credit Suisse in early May to become chief financial officer and head of business development at Energy Transfer Equity, a diversified energy company based in Houston, Tx.
Welch's annual salary at ETE will be $550,000 with a guaranteed 100 percent bonus. He will receive 750,000 shares, currently priced at $60 each, over the next seven years if he stays with the company.
In the meantime, the news agency reports that Societe Generale CEO Frederic Oudea's bonus rose 75% last year to $1.56m, even as the bank moved to cut costs and sell assets.
The disclosure follows a rise in pay for Jean-Laurent Bonnafe, the head of larger rival BNP Paribas, whose bonus rose more than 40% percent to $2.15m in 2012 - his first full year as CEO of France's biggest listed bank.