Raymond James is responding to the Covid-19 crisis by cutting compensation of its top executives by millions of dollars, according to news reports.
The company isn’t cutting its executives’ salaries but did take an axe to their bonuses, the Tampa Business Journal writes, citing Raymond James’ proxy statement released Friday.
Paul Reilly, the firm’s chairman and CEO, saw his cash bonus drop from $5.8 million in 2019 to $4.7 million in 2020, making his overall direct compensation drop from $13.3 million to $11.1 million, or 17%, according to the publication.
Direct compensation for Jeffrey Julien, the executive vice president of finance, was slashed 45%, from $3.7 million in 2019 to about $2 million in 2020, the Business Journal writes.
James Bunn, the president of global equities and investment banking, saw his direct compensation drop from $5 million to $4.4 million, and Bella Loykhter Allaire, the executive vice president of technology and operations, had hers fall from $3.5 million to $3.1 million, according to the publication.
A spokeswoman for Raymond James tells the Business Journal that the company has no further comment on the pay cuts.
While the firm’s top executives saw their take-home pay shrink, they managed to hold on to their jobs. In September, Raymond James said it would lay off around 550 rank-and-file employees across all its units, representing a 4% cut to its workforce, the publication wrote at the time.
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WEG Jan. 13, 2021 at 05:59 PM EST
Seriously? My heart is not bleeding for them.