JPMorgan CIO Zames Has $23.8 Million in Stock Plus Options
Matthew Zames, the banker named to clean up JPMorgan Chase & Co. (JPM)’s $2 billion trading loss, has 693,285 restricted and unrestricted shares valued at $23.8 million as of yesterday.
JPMorgan disclosed Zames’ holdings after appointing him to replace Ina Drew as chief investment officer this month. Drew’s London-based unit lost money under her watch on credit derivatives. The New York-based company is the biggest U.S. bank by assets.
Zames also has 392,115 stock options that have a strike price higher than the current price of $33.71 as of 3:17 p.m. in New York trading. The company also awarded him 200,000 options in January 2009 with a strike price of $19.49 that could be exercised at a gain of about $3 million as of yesterday’s closing price.
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