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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology JPMorgan's chief reaps 16-million-dollar bonus AFP - Saturday, February 6 Send IM Story Print WASHINGTON (AFP) - – Jamie Dimon, chief executive and chairman of Wall Street investment giant JPMorgan Chase, reaped a 2009 bonus of about 16 million dollars in shares and options on shares, a bank spokesman said. "All of his bonus is in deferred equity, there is no cash," said spokesman Joe Evangelisti. News about Dimon's hefty bonus comes amid a public furor over big bonuses that some blame for the excessive risk taking that fueled the global financial crisis. Goldman Sachs chairman and CEO Lloyd Blankfein was also awarded a nine million dollar bonus for 2009, but in restricted stock that he must hold for five years, the company said. The 58,381 in shares, which will convert into Goldman's common stock in thirds over the next three years, is a fraction of the figures rumored in the media in recent weeks. The compensation was made under a new policy aimed at ending a furor over the company's soaring compensation, the company disclosed Friday. Last year, JPMorgan Chase repaid the US Treasury for an injection of 25 billion dollars in capital under the taxpayer-funded Troubled Asset Relief Program set up to prevent the collapse of the financial system. The TARP repayment freed the bank from government-imposed compensation restrictions. Dimon led JPMorgan Chase, the second-largest US bank by assets, to huge profits in 2009 as the financial sector recovered, benefiting from a rebound in equities. The New York-based financial giant last month said it had quadrupled its fourth-quarter net earnings to 3.27 billion dollars and doubled its profits for the full year to 11.7 billion dollars. In 2007 Dimon received 28 million dollars in bonuses; he declined to take any compensation other than his salary in 2008. Evangelisti said that other top executives at JPMorgan Chase received at least 75 percent of their 2009 bonus in stocks and options on stocks. Bonuses on average were 41 percent smaller than those awarded for 2007, before the financial crisis accelerated, he noted. Evangelisti also said that Dimon had exercised his options on shares awarded 10 years ago that were set to expire, receiving almost 10 million dollars. In a filing with the Securities and Exchange Commission on Friday, Dimon, who has a million-dollar salary, said he had received nearly eight million dollars in JPMorgan Chase shares for 2009, with options on an additional 563,000 shares. According to the document, Dimon received 195,704 shares Tuesday, half of which cannot be sold before January 2012 and the other half by January 2013. Goldman Sachs, which along with JPMorgan Chase apparently best-survived the financial crisis, also posted huge 2009 profits but moved to deflect criticism about bonuses to be paid from 16 billion dollars reserved for compensation. A recent Wall Street Journal analysis found Wall Street banks and securities firms were on track to pay employees 145 billion dollars for 2009, a record amount. Recommend Send IM Story Print News Search Top Stories JPMorgan's chief reaps 16-million-dollar bonus Jackson doctor to be charged Monday: prosecutors Mixed report shows US loses 20,000 jobs, unemployment dips BAE to pay 450 million dollars in fraud fines UN wildlife trade agency backs ban on bluefin tuna More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Fury heats up after new AIG bonuses Jackson doctor to be charged Monday: prosecutors British pub fights get safer with new design glasses Shell cuts jobs after profits plunge Blushing Pluto? Dwarf planet takes on a ruddier hue: NASA More Most Viewed » Fury heats up after new AIG bonuses More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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