Dick Handler ended up doing pretty okay for himself.
Jefferies Group awarded Chairman and Chief Executive Richard Handler $19 million in annual compensation for 2012, up 36% from a year ago, a sharp raise that pushed him ahead of some top executives at larger Wall Street rivals. In its annual report filed with the Securities and Exchange Commission, the investment bank, which agreed to be bought by Leucadia National Corp., LUK +1.12% said Mr. Handler will receive a $13 million long-term equity-incentive award as well as a $5 million cash bonus and $1 million in base salary. The big pay increase means Mr. Handler will take home more than J.P. Morgan Chase JPM +1.03% & Co. Chairman and CEO James Dimon and Morgan Stanley Chairman and CEO James Gorman. Mr. Dimon had his compensation slashed sharply, to $11.5 million, amid the fallout over a trading debacle that cost the nation's largest bank more than $6 billion. Mr. Gorman is expected to receive less than the $10.5 million he was granted for 2011, according to a person familiar with his pay package.