Small Names get Big Bonuses in Wall Street

Some of those who have pocketed the highest bonuses have not been in the focus about hefty pay packets. The list is headed by John Stumpf the top brass of Wells Fargo that is based in San Francisco. Stumpf was awarded $18.7 million cash and stock – it being his best takings.

It is an increase of 64% from what he was given in 2007 just prior to the financial crisis bursting out. Stumpf has taken in double the amount given to Lloyd Blankfein of Goldman Sachs. Blankfein has come to symbolize the wealth of Wall Street during the new period. He was given $9.7 million for 2009 – the amount being less than what had been expected.

The pecking order seems to have changed. In days of yore the Blankfeins usually took home far more than the stolid bankers like the Stumpfs. Rules are changing since the time of the bailout. The best known names in the financial world are getting less than the relatively obscure ones. Generally the CEOs are first in line but the trend of 2009 indicates that they are pocketing more or less the same as the executives stationed a rung below them; sometimes the takings are even less.

The likes of Stumpf have moved up the line to a large extent because the types of Blankfein have climbed down. The focus has been so far on the big executives in Wall Street keeping in the shadow the hefty sums often running into eight figures given to the bankers and traders of Wall Street. Sometimes it remains totally undisclosed.

In corporate filings it is made known to the public how much the top executives earn in the form of stock and or cash. According to a research firm, Equilar, the compensations for executives are surprising.

The top names of mega credit card firms like Visa, Mastercard Worldwide, American Express and Capital One Financial have taken in huge swaths of dollars. Joseph Saunders of Visa was awarded $15.5 million – the amount putting into shadow what has been awarded to the highest executives of Citigroup and Bank of America.

Ajay Banga of MasterCard Worldwide, Laurence Flink of BlackRock and Richard Handler of Jefferies Group (a modest investment bank unknown to those outside the financial world) was each given $13 million. Close behind were some of the executives of brokerage and insurance firms as well as regional banks.

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