Jefferies boosted Handler’s annual pay 36% for the year ending November 30th, with a package that includes a $5m cash bonus, $13m in stock and a $1m salary, according to a regulatory filing by the New York-based firm today. The three-year plan is similar to an incentive program enacted in 2010, maintaining annual payouts of restricted stock units at about $13m through 2015, the filing shows.
The compensation committee decided to pay Handler, 51, a bonus of $8.1m for fiscal 2012, but he volunteered for that figure to be cut by $3.1m. The bonus is subject to a 100% forfeiture for one year.
William Cohan, author of Money and Power: How Goldman Sachs Came to Rule the World and a Bloomberg View columnist, has said that Handler deserves huge credit for effectively saving the firm in 2012.
It's not just Handler who did well on the compensation front in fiscal 2012 though, as the firm paid employees year-end bonuses in immediately available cash.
Handler’s annual pay compares with a $21m package awarded to Goldman Sachs Group Inc. (GS) CEO Lloyd Blankfein for 2012. Blankfein got $13.3m in restricted stock that comprises about 70% of his total bonus, a person with knowledge of the matter said this month. On that basis, the total bonus is about $19m, including $5.7m in cash. Blankfein, 58, also receives a $2m salary.
The JPMorgan Chase & Co. (JPM) board of directors cut CEO Jamie Dimon’s pay for 2012 to $11.5m, according to a January 16th report that gives him the 'ultimate responsibility' for the bank’s biggest ever (London Whale) trading loss.
Handler was also Here Is The City's 2012 Person of the Year.
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