SAN FRANCISCO - Glendale Federal Bank's chief executive, Stephen J. Trafton, is receiving a $1 million bonus for engineering the long-shot recapitalization of the troubled thrift earlier this year, according to the company's annual proxy statement.

The payment could rank Mr. Trafton as the thrift industry's highest paid executive, when 1993 compensation figures are released. Mr. Trafton's 1993 bonus recognizes his extraordinary accomplishment in raising some $450 million for the Glendale, Calif-based thrift, one of the largest and most complex private rescue operations ever of a financial institution.

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