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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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2 Comments:
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.
5/21/12, 12:10 AM  
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.
5/21/12, 8:56 AM  
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