If you earned almost twice as much as JPMorgan Chase CEO Jamie Dimon last year, then it’s safe to say you’re doing very well for yourself and you’re essentially made of money. Not many people can say that. But First Data Corp. Chairman and CEO Frank Bisignano can. And what makes the hefty compensation that much sweeter is the fact that Dimon is Bisignano’s former boss.
In 2013 when Bisignano accepted the offer from Atlanta-based payment-processing heavy-weight and technology service provider First Data, he was serving as the co-COO of JPMorgan Chase and the CEO of its mortgage-banking division.
Six years earlier, in 2007, private equity giant KKR acquired First Data in one of the biggest leveraged buy-outs ever. In 2015, two years after Bisignano took the reins, he and KKR decided to take First Data public, raising $2.56bn in the biggest IPO of last year. The deal included a hefty retention bonus – all in cash – for Bisignano.
All told, Bisignano pulled in a cool $51.6m in 2015, only $1.5m of that in salary. The rest came from his bonus, stock and option awards and the aforementioned retention award, according to Bloomberg.
In comparison, Dimon made $27m last year, the large majority of that in performance-based equity awards.
Bisignano is sure to mention that disparity when he sees Dimon on the golf course or high-society charity events in New York, where both men work.
Separately, under Deutsche Bank’s new compensation structure, Jeff Urwin, the former co-head of investment banking at JPMorgan Chase and the current head of Deutsche’s corporate and investment banking (CIB) division, may actually make more than co-CEO John Cryan.
As management board members, their compensation is capped at 9.85m euros – $11.14m – for this year. However, the bank’s new formula set Urwin’s theoretical maximum pay at €13.2m ($15m) compared to Cryan’s €12.5m, which is approximately $14.2m.
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