10 Updates
Goldman Trumped JPMorgan Last Year, So Why's Dimon's Pay Higher Than Blankfein's?
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Goldman Trumped JPMorgan Last Year, So Why's Dimon's Pay Higher Than Blankfein's?

Apr 4 2014, 8:49pm CDT | by

Wall Street compensation packages are always going to baffle the general public, but JPMorgan Chase's pay package for its CEO is particularly notable this year. Jamie Dimon is expected to get one...

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15 weeks ago

Goldman Trumped JPMorgan Last Year, So Why's Dimon's Pay Higher Than Blankfein's?

Apr 4 2014, 8:49pm CDT | by

Wall Street compensation packages are always going to baffle the general public, but JPMorgan Chase's pay package for its CEO is particularly notable this year.

Jamie Dimon is expected to get one of the biggest compensation packages among the big banks with $20 million for 2013. That’s more than any other big bank CEO including Bank of America Brian Moynihan ($14m), Wells Fargo's John Stumpf ($19.3m) and Citigroup’s Michael Corbat ($14.1m).

But consider this: Dimon’s pay even edges out Wall Street’s money-making king, Lloyd Blankfein, CEO of Goldman Sachs. Blankfein received a 50% pay increase which gets him $19.9 million.

Goldman Sachs saw its stock rise 35% compared to JPM’s 31%. Plus, JPM’s net income dropped 16% in 2013 compared to Goldman’s jumped 7.6%.

Dimon’s $20 million comes as he has one of his worst years as CEO. The bank reported its first ever quarterly loss under Dimon’s lead last year. It was also at the center of several high profile investigations, and ended up shelling out some $20 billion to settle legal claims.

JPM entered a $13 billion settlement with the Department of Justice in which JPM went as far to say that it made serious misrepresentations about its mortgage-backed securities. In other words, in an industry where admitting wrong-doing is as rare as a female banking CEO, JPM actually acknowledged it messed up pretty badly. Yet, Dimon is the highest paid big bank CEO.

It makes you wonder about all the doom and gloom warnings banks and their supporters wield when they become potential targets of prosecutor investigations. Executives and senior management often argue that criminal prosecution would wreck havoc on not only their company but the wider financial world; their stock would plummet and their counterparties become unstable.

Manhattan U.S. Attorney Preet Bharara recently called bull on many of those “chicken little routines” saying in a speech earlier this week he said:

When these arguments are made to me and my staff, we take them seriously—like we take all arguments and submissions. But we also take them, increasingly, with grains of salt, and make our own independent judgment about what actually is likely to happen. What I have found typically is that, in reality, as we had suspected, the sky does not fall.

The sky actually brightens for some, Bharara notes with a not-so-hidden jab at Jamie Dimon. “Stock prices remain steady, or go up, as the company is viewed as putting problems “behind it;” clients and customers and key employees don’t even bat an eye; and sometimes, the CEO even gets a raise,” Bharara said.

Looks like it pays to be good or bad on Wall Street.

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Raky ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

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KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

Federal Aviation Administration Bans All US Flights To Israel
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Da ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last mont ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

6 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 m ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

6 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Dat ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

6 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocati ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

6 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Baz ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara S ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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