JPMorgan Gives Zames $9.1 Million in Stock After Trade Cleanup
JPMorgan Chase & Co. (JPM) awarded co- Chief Operating Officer Matt Zames $9.1 million in restricted stock, more than anyone else on the firm’s operating committee, after he helped the bank unwind botched trades.
Zames, the 42-year-old former co-head of fixed-income trading, was promoted twice in 2012 as he helped Chief Executive Officer Jamie Dimon regain control of a U.K. unit’s wrong-way bets on credit derivatives that cost more than $6.2 billion in the first nine months of the year.
Zames received 196,437 restricted stock units valued at $9.1 million based on yesterday’s closing stock price, according to a regulatory filing today. Half vest in January 2015 and the rest vest a year later. He also got 104,603 options with a 10- year term and a strike price of $46.58 that become exercisable in five installments starting next year.
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