JPMorgan Boosts Pay for Asset-Management Chief Erdoes by 10%

JPMorgan Chase & Co. increased asset-management head Mary Callahan Erdoes’s 2014 compensation 10 percent from a year earlier, while keeping the pay of two other top executives at the same level.

Erdoes, 47, was awarded $16.5 million for last year, including $750,000 in salary, a $6.3 million cash bonus and $9.45 million in restricted stock, the New York-based bank said Wednesday in its annual proxy filing. That compares with $15 million in total compensation for 2013.

JPMorgan’s asset-management business reported record revenue of $12 billion and record profit of $2.2 billion in 2014, according to the proxy. The unit had $1.7 trillion of assets under management at the end of December.

Daniel Pinto, 52, who runs the corporate and investment-banking division, received $17 million for last year, the same amount as for 2013, even as profit at his unit fell by more than a fifth. Pinto took over as chief of the division in March 2014 after co-head Michael Cavanagh, 49, left for private-equity firm Carlyle Group LP.

Chief Operating Officer Matt Zames, 44, was awarded $17 million for 2014, the same as a year earlier, while Chief Financial Officer Marianne Lake, 45, got an 18 percent raise to $10 million, according to the filing.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE