Ex-JPMorgan exec to receive bumper pay package

Pot Of Gold

Michael Cavanagh, the longtime JPMorgan Chase executive who is preparing to join the Carlyle Group, will make $7m in salary and bonus in each of his first three years at the private equity giant, a regulatory filing on Friday showed.

The New York Times reports that Cavanagh, who this week was named the new co-president and co-chief operating officer of Carlyle, is also set to receive $32m in restricted stock when he joins the firm, to replace unvested compensation that he gave up by leaving JPMorgan. His 933,416 restricted shares will vest over a three-year period.

In addition, Cavanagh will participate in a new compensation program aimed at retaining senior talent, the filing said. Under that program, he will receive restricted stock equal to 0.5% of the profits. The program is intended to push rewards years into the future, as Carlyle typically takes five years or so to start harvesting a given investment.

To access the complete New York Times article hit the link below:

Cavanagh to Receive $39 Million in Pay for Joining Carlyle

Bank of America to Pay $6.3 Billion to Settle Mortgage Securities Suit

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News