Bear’s Jeffrey Mayer Declines Job Offer and $27 million Payday
Originally Published In the News May 22, 2008 1:25 PM
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How much money will it take to get Bear Stearns co-head of fixed income Jeffrey Mayer to sign on with JP Morgan? He has turned down a $27 million offer after being offered a Vice Chairman role in the company.
Perhaps it is just his opening gambit in the negotiations, or maybe he is moving on to greener pastures with his long-time co-head of fixed income, Craig Overlander:
Last month, JP Morgan Chase said in a filing with the US Securities and Exchange Commission that it had an oral agreement with Mayer that if the deal completed, he would become vice chairman of the investment bank, focused on global markets.
He would have received a bonus of $12m for 2008, in a mix of cash and restricted stock units.
On the first day following completion of the deal and if he had started working for JP Morgan, Mayer would have received $15m in restricted stock. The filing said: “Mayer continues to have discussions with JP Morgan Chase regarding the terms of his employment.”
Mayer and Overlander have both told JP Morgan they will not stay with the investment bank after the merger, according to Reuters, which cited an internal company memo. Financial News
Mayer must be talented, an statement that some would debate given fixed income was Bear’s achilles heel, and deserves much of the blame in toppling the bank. But the compensation levels for Wall Street’s top dogs continue to dazzle; whether the recipients are truly worth the money is debatable.
But for some people on Wall Street, the talk of a recession and economic distress means very little, and the good life rolls on.
Bear’s Mayer turns down $27m from JP Morgan
Financial News
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