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Essay / Research Paper Abstract
A 4 page paper. CEOs and other top executives receive extremely large compensation packages that include salary, bonus, direct stock and stock options, along with other perks. In 2002, however, some of these executives took only their base salary and gave up any kind of cash bonus or direct stock. The CEO of Citibank was one of those executives. This essay reports the compensation packages for the CEOs of Citibank and JP Morgan Chase, Inc. The writer makes some suggestions for compensation packages that would ease management-labor tensions and that might lead to greater dividends for investors. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGexcmp.rtf
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Unformatted sample text from the term paper:
CEO Sanford I. Weill announced "that in light of his companys sagging share price he would accept no cash or stock bonus for 2002" (White, 2003). Weill said he
would accept his base salary of $1 million and also "options to purchase 1.5 million shares in the future" but, for 2002, he was not accepting any cash or direct
stock bonus (White, 2003). The 1.5 million options are valued at $14.5 million (White, 2003). The year before, Weills compensation totaled about $30 million, which included a bonus of $17
million (White, 2003). The aggregate total for the Chairman & CEO of Citigroup International & vice chairman was $$2,934,375; chairman & CEO of global corporate & investment bank was
$2,812,500; chairman of the executive committee was $11,250,000 and the total compensation for chairman & CEO of global consumer business & president was $5,026,875 (McIntire, 2003). Although unnamed,
other top executives at Citigroup also declined their cash or direct stock bonuses (White, 2003). Those still taking the bonus saw it plummet by 65 percent from the previous year
(Adams, 2003). Citigroup is the worlds largest financial corporation with more than $1 trillion in assets (Hoovers, Caione, 2004). This corporation has a net profit of $49 million
every day (Hoovers, Caione, 2004). J.P. Morgan Chase & Co. is the second largest financial services corporation in the U.S. (Caione, JP, 2004). CEO William B. Harrisons base salary and
bonuses totaled $11 million, an increase of 75 percent (Loomis, 2002). With stock options he exercised, his compensation jumped to $22.2 million (Loomis, 2002). Based on salary and bonus, Harrison
was the highest paid CEO in 2002 (Loomis, 2002). When stock options were included, he was the fourth highest paid executive in the U.S. (Loomis, 2002). This was in a
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