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Sunday, May 20, 2012

It's hard to get fired where I work, but if you do, you get bupkis. If you are a bankster, though, it's a different story
Posted by Jill | 6:42 PM
Imagine getting over $30 million as a severance package:
The 55-year old chief investment officer oversaw the division that made bets that JP Morgan has warned could rack up a further $1bn in losses. She will be replaced by Matt Zames, head of fixed income at JP Morgan's investment bank and a former proprietary trader. One of the best paid women on Wall Street, Ms Drew last year received a remuneration package worth $15.5m. Corporate filings show that following her resignation she is entitled to $400,000 in severance as well as a share award that was worth $16m yesterday. On top of this, she has unexercised options that were valued at the end of last year at $3.44m, a series of retirement benefits worth a further $2.63m, and a $9.87m deferred compensation pot built up over several years.

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Anonymous Anonymous said...
But you can't attract those rare people with the talent to lose billions of dollars unless you pay them like that. Market forces.

Anonymous CC said...
I'll gladly work for JPMorganChase for a mere $100,000, plus a golden parachute payment of the same amount, if all I have to do is run it to the ground.