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Apr 08

Wall Street CFOs made big bucks in 2010

Posted by Stephen Taub in stock optionsrevenuesreturn on average shareholders' equityreturn on average shareholders' equityRestricted Stock UnitscompensationCashCareers/Managementbonuses

Stephen Taub

If you take a look at the compensation tables in the proxies of the Wall Street giants, it is hard to believe it is only two years or so since the global financial meltdown.

You would almost think the top executives are running successful hedge funds, given their gargantuan gains. And to think they complained that the brief government involvement in their affairs.

Just look at the compensation of the chief financial officers of a handful of the firms that filed their reports in recent weeks.

For example, Goldman Sachs CFO David Viniar made $18.6 million in 2010. This included a measly $600,000 salary, plus a $5.4 million bonus, and $12.6 million in Restricted Stock Units (RSU).

In its proxy, the investment bank stressed that last year it generated $39.16 billion in revenues and earnings of $8.35 billion. Its return on average shareholders' equity was 11.5 percent, nearly double the 6 percent average at its core competitors.

JPMorgan Chase CFO Douglas L. Braunstein earned $16.7 million last year. This included $383,333 in salary and a bonus of $3.84 million.  He also received stock awards valued at $10.08 million and option awards valued at $ 934,100. In addition, the executive received more than $1.4 million from what the company calls a change in pension value and nonqualified deferred compensation earnings.

Wells Fargo's Howard Atkins, who resigned as CFO on February 8 and will retire on August 6, earned $9.3 million last year. This included a little less than $2 million in salary, which includes 2010 salary paid in cash and the portion of salary paid through February 28, 2010 in shares of common stock granted under the LTICP.

Atkins also received a $5.5 million bonus and $1.7 million in Non-Equity Incentive Compensation.

On the other hand, Bank of America CFO Charles Noski earned a puny $1.1 million.



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