JPMorgan Cushions Drew’s Retirement With $21.5 Million
By Dawn Kopecki - Jun 29, 2012 12:00 AM ET
JPMorgan Chase & Co. (JPM)’s decision to let Chief Investment Officer Ina Drew retire four days after the bank disclosed a $2 billion loss in her division allowed her to walk away with about $21.5 million in stock and options.
Drew, who resigned May 14, can keep $17.1 million in unvested restricted shares and about $4.4 million in options that she otherwise would have been required to forfeit if the New York-based bank had terminated her employment “with cause,” according to regulatory filings and estimates from consulting firm Meridian Compensation Partners LLC.
Former JPMorgan Chase & Co. Chief Investment Officer Ina Drew oversaw the London traders responsible for a $2 billion loss on credit derivatives that Chief Executive Officer Jamie Dimon said “violated common sense.” Source: JPMorgan Chase & Co. via Bloomberg
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A 30-year JPMorgan veteran, Drew also had accumulated 661,000 unrestricted shares of common stock worth about $23.7 million based on the May 14 closing price, $9.7 million in deferred compensation and $2.6 million in pension pay as of Dec. 31, according to company filings. Altogether, Drew’s stock, pension and deferred pay come to about $57.5 million.
“She was with that company for a long time,” said Frank Glassner, a partner at Meridian in San Francisco. “She was an incredibly talented, well-thought-of employee, not only within the company but on the Street. A lot of this money had been earned over a great deal of time, not just yesterday.”
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http://www.bloomberg.com/news/2012-06-29/jpmorgan-cushions-drew-s-retirement-with-21-5-million.html
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