JPMorgan Investment
Bank CEOs Won’t Take Cash, Stock (Update1)
BLUE
CROWN FUTURES
By Elizabeth Hester
Jan. 23 (Bloomberg) -- Steven
Black and William
Winters, co-heads of JPMorgan
Chase & Co.’s investment bank, will forgo
cash and stock bonuses for 2008 and accept only
stock options, a regulatory filing showed.
The two executives were each awarded 700,000
options, to be paid at the discretion of the board
and Chief Executive Officer Jamie
Dimon, the New York-based bank said in the
filing yesterday. They will be awarded based on
future company performance, the bank said.
Bonus payments for top JPMorgan executives fell
by about 75 percent from 2007, a person familiar
with the matter said today, declining to be
identified because not all the payments are public.
Dimon, 52, won’t take a bonus at all, people
familiar with the matter said last month.
JPMorgan posted full-year profit of $5.6 billion
last year. It took a fraction of the writedowns and
losses of rivals including Citigroup
Inc. and Wachovia
Corp.
Kristin
Lemkau, a spokeswoman for JPMorgan, declined to
comment.
To contact the reporter on this story: Elizabeth
Hester in New York at ehester@bloomberg.net.
Last Updated: January 23, 2009 16:55 EST
