J.P. Morgan Chase & Co.s top executives got bonuses last year, unlike some of their peers at other banking companies.
Chairman Douglas A. Warner 3d took home a $13.7 million bonus last year, up 197.8% from a year earlier. He also received $700,000 in salary, unchanged from the year before, according to a proxy statement the banking company filed Friday with the Securities and Exchange Commission.
Morgan Chase also rewarded Mr. Warner, the former head of J.P. Morgan & Co., with $9.7 million in long-term incentive pay.
William B. Harrison Jr., the president and chief executive officer, earned a $5.3 million bonus last year, unchanged from a year earlier, while his salary increased 7.4%, to $1 million, the filing said.
The proxy was the first filed since Chase Manhattan Corp. bought J.P. Morgan in December to form Morgan Chase.
Mr. Warner and Mr. Harrison fall into an elite group when compared with some of their not-so-fortunate counterparts at competing financial institutions.
SunTrust Banks Inc., Bank One Corp., and First Union Corp. eliminated bonuses for their top executives last year, in many cases because of profit concerns stemming from market volatility and credit quality problems.
Wachovia Corp. of Winston-Salem, N.C., paid its chairman and chief executive officer, L.M. Baker Jr., $1.28 million last year, half of what he took home the year before, and did not pay him a bonus.
However, Bank of America Corp. paid Hugh McColl Jr., who is expected to step down this month as its chairman, $4 million in salary and bonuses, up 6.6% from a year earlier, while Bank of New York Co. doubled the pay for Thomas A. Renyi, its chairman and CEO, to $13 million, including a $12.1 million bonus.
Morgan Chases compensation policy for executive officers emphasizes performance-based pay over fixed salaries and uses stock rewards linked to the stocks performance to align the interests of executives and shareholders, the proxy said.
The companys filing did not include the compensation packages for several of its executives, including James B. Lee Jr., who had headed Chases investment banking unit, or Geoffrey T. Boisi, who now heads that business for Morgan Chase.
