Comp Watch '15: JP Morgan Sees Your Silly Little Pay Caps And Raises You "Cash Fixed Allowance"

Suck it, European Union!

Let this be a lesson to any governing body thinking it's figured out a way to come between banking executives and their annual take-home.

...Pinto, the CEO of JPMorgan’s corporate and investment bank, took home a $7.4 million salary, 10 times more than he did in 2013 and the highest such payment from a U.S.-based public company, according to data compiled by Bloomberg. Pinto’s raise includes a “cash fixed allowance” while his bonus went to zero from more than $8 million in 2013, the bank said in a regulatory filing. Pinto, who works in London, and other European-based executives in the industry are getting more in fixed-cash salaries and less in bonuses after European Union policy makers tried to discourage excessive financial risk-taking by limiting performance-based rewards. In the U.S., legislators took the exact opposite tack to stem compensation by using a tax law to rein in managers’ salaries. That’s been foiled by rising performance-based pay.

JPMorgan Salary Package Grows as Pay Limits Are Thwarted [Bloomberg]