Bonus season not as festive for bank CEOs

AP News
|
Posted: Jan 21, 2012 6:22 PM
Bonus season not as festive for bank CEOs

JPMorgan Chase, the nation's largest bank, posted record profit for 2011. Morgan Stanley's latest quarter topped expectations as the bank trimmed costs and cleaned up mortgage-related problems. But CEOs Jamie Dimon and James Gorman aren't taking home bigger bonuses.

Banks are curbing bonus pay for last year, as stock prices slumped, mortgage-related costs still mounted and the Occupy Wall Street movement went national.

On Friday, regulatory filings showed Gorman received 2011 stock awards valued at $5.1 million _ half of what he got in 2010. JPMorgan's Dimon received restricted stock worth $12.6 million and stock appreciation rights reportedly valued at about $5 million. That's about even with the year before.

None of the banks have yet filed annual proxy statements, which include complete details on CEOs' pay.