Bear Stearns said it awarded Chief Executive James Cayne a stock bonus worth $14.7 million, continuing a record-breaking bonus season on Wall Street.
In a filing with the Securities and Exchange Commission, the New York investment bank said it gave Cayne 89,758 shares of Bear Stearns stock. Based on Thursday's closing price of $163.30, that award is worth $14.7 million.
Bear Stearns also granted Cayne options to buy up to 35,788 shares at $165.32. Cayne can't profit from the options until the stock price surpasses that price.
Bear Stearns joins Goldman Sachs Group and Morgan Stanley as Wall Street banks announcing big bonuses. Morgan Stanley's CEO John Mack set a record last week with a $40 million bonus in stock and options. The record was soon broken by Goldman Sachs CEO Lloyd Blankfein, who received a $53.4 million bonus in cash, stock and options.