pimco executive salaries

The average salary for Pimco employees is $101,216 per year. [63], On July 1, 2019, El-Erian was appointed Senior Global Fellow at The Lauder Institute and Part-Time Professor of Practice at The Wharton School. Compensation for money managers is typically tied to the amounts they oversee and the returns they produce. Hodge was chief operating officer from 20092014. Pacific Investment Management Company (pimco) salaries are collected from government agencies and companies. Big Tech Players usually pay fair amount of compensation through stocks and bonuses which is not captured as part of H1B Salary Information. For more than three decades, Pimcos managing directors have maintained a substantial interest in the firm, currently 30 percent of profits, and this provides an important means to attract and retain the best investment talent to serve our clients. Based on news reports, public records and new data obtained by Bloomberg View, it appears that Pimco had a 2013 bonus pool for its 60 managing directors of almost $1.5 billion. Very little support from senior management. Using my back-of-the-envelope revenue estimate, it generates far more revenue per employee than any bank or asset manager almost four times as much as Goldman Sachs. Because they are a lean group of elites, they tend to try to harvest as much information they can out of you. Explore our site now and save your favorite products, insights, and/or documents. Most Salaries Submitted Highest to Lowest Lowest to Highest Portfolio Analyst About $95K - $104K/yr Avg. Management change shook up lots of groups. Vice President salaries at PIMCO can range from 107,764 - 160,000 per year. Will His AI Plans Be Any Different? The realignment of power among bond managers is only just beginning. How much do PIMCO employees make? [12][10] The daughter was accepted to Georgetown with assistance from the tennis coach, who is now also being criminally charged, and she never played tennis at the university. Non collaborative working environment depending on the group, beaurocratic, no leadership, lack of integrity. Gross even managed to buy up lots of MBSs before the Fed officially announced the programs. The lowest-paying job at PIMCO is an Administrative Assistant with a salary of $55,335 per year. Base salary is the fixed . That gave Pimco so much freedom in relation to its corporate parent that, as one analyst described it to Bloomberg News, it appeared as if it was the tail wagging the dog.. The numbers break down like this: Gross earned $290 million as his year-end bonus for 2013. The estimated base pay is $218,228 per year. Our Executive Committee determines the company's strategic direction and oversees the broad scope of our operations. Reviews may also highlight any negative aspects of a company that will help in evaluating it as a prospective employer. By He is the former CEO of Pacific Investment Management Company (PIMCO), the world's largest bond manager. Douglas M. Hodge (born in 1957) is an American businessman. The Team works directly with Product Management, Account Management and Portfolio Management groups of PIMCO and reports to the Executive Office. We can estimate earnings by looking at the largest Pimco funds. Based on 22 salaries posted anonymously by PIMCO Account Analyst employees in Radcliffe, England. In a meeting with Pimco's executive committee on Sept. 10, attended by executives including Mr. Hodge, Mr. Jacobs, Ms. Cupps, Mr. Worah and general counsel David Flattum, Mr. Company reviews can provide helpful insights into the company culture, working conditions, benefits, compensation, and training opportunities in Pimco. In April 2018, Stacy Schaus, who was then executive vice president and defined contribution practice leader of PIMCO, sued her employer of 12 years, citing age and sex discrimination that. In 2012, news reports suggested that the firms top 30 partners pulled down an average $33 million a year in compensation in recent years. A subsequent column by Felix Salmon guessed that the average investment professional at Pimco was making roughly $7 million each annually. Disclosures [10][12] She was admitted into USC, but did not ever play soccer. The pay packages included 29.9m earned by the fund manager's highest paid director, which dwarfs the $23m (14m) that Jamie Dimon, chief executive of JP Morgan, received in 2011. [10][11][12] He did not enter a plea. Dimon has been billed as Wall Street's highest paid banker. Hodge was born in New York, New York, and grew up in suburban Boston and Connecticut. The 10th Annual IA 25 Reveals Honorees for 2012", "Mohamed El-Erian: The 2013 IA 25 Extended Profile", "Worth Power 100 The 100 Most Powerful People in Finance", "Worth Announces 3rd Annual Worth Power 100: The 100 Most Powerful People in Finance", "The Power 100 | The 100 Most Powerful People in Finance", "Emininent Egyptian American Economist, Mohamed A. El-Erian Donates 1 million dollars to Egyptian Cancer Network 57357 and AFNCI", "Top 100 Most Influential Economists 2018 (List of Famous Economists)", "Investcorp Adds Mohamed A. El-Erian To International Advisory Board", "PIMCO - Secular Outlook May 2009 El-Erian", "PIMCO's El-Erian Explains The "New Normal"And It Blows", "Spain is not Greece and need not be Ireland", "Resetting Egypt's economy | The Great Debate", "Egypt's Improbable Path Traces Four Points: Mohamed A. El-Erian", "Prepare for a shock from the Middle East", "Davos Moguls Adjust to Fast, Slow, Reverse: Mohamed A. El-Erian", "The Per Jacobsson Lecture: Navigating the New Normal in Industrial Countries", "Viewpoints - Evolution, Impact and Limitations of Unusual Central Bank Policy Activism", "Bernanke, El-Erian, Powell Headline 2014 GFLC", "Egypt Economic Development Conference Program", "Fortune's must-watch Global Forum conference starts Monday, Nov. 2", "Shoulders of Giants CFA Sociaty Chicago Annual Dinner 2015 Interview with Mohamed El-Erian", "LinkedIn Top Voices 2016: The 10 must-know Influencers", "2016 New York Jets preview Mohamed El-Erian", "Altius Announces Filing of Preliminary Prospectus for Altius Renewable Royalties Corp", "Faculty of Economics Receive USD 25m gift", "Inside the Showdown Atop Pimco, the World's Biggest Bond Firm" by Gregory Zuckerman and Kirsten Grind, "Making the grade: Face to Face with Harvard's Mohamed El-Erian,", https://en.wikipedia.org/w/index.php?title=Mohamed_A._El-Erian&oldid=1135292388, People educated at St John's School, Leatherhead, Articles with unsourced statements from August 2018, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 23 January 2023, at 19:52. However, if there is going to be change, it can only come from Pimcos big institutional customers. But an article in Bloomberg View finally puts some data to the long-asked question. Pacific Investment Management Company PIMCO pays an average salary of $80,000 per year. By comparison, Laurence D. Fink, CEO of BlackRock Inc., the worlds biggest money manager, received $22.9 million in 2013 compensation, and Michael Diekmann, CEO of Pimcos parent Allianz SE, was paid 7.2 million euros ($8.99 million), regulatory filings show. While some people may thrive in this fast-paced (understaffed) environment, it can be harmful to people who are suffering from health issues, and struggling to advocate for their own work/life balance. According to documents provided to Bloomberg View by someone with knowledge of Pimco's bonus policies, the numbers break down like this: Bill Gross earned $290 million as his year-end bonus for 2013. [41] In November 2015, The Middle East Institute in Washington DC honored him with their Visionary Award. Watch Vonn and Sinner as they explore the dedication and work required to become the best. Mr. Gross reward accounted for 20% of the firms total bonus pool, according to the documents. Have you ever wondered about the number of sacrifices a winning athlete has to make? Managers supportive but no diversity. In November 2007, El-Erian was the series kick-off speaker of the MIT Egyptian Club. Lets lower that to account for discounts given to large institutional clients, and we get a rough estimate of about 50 basis points. [6], El-Erian was born in New York City on August 19, 1958,[7] to Egyptian parents, Abdullah El-Erian, and Nadia Shoukry, a cousin of Egyptian politician Ibrahim Shoukry. Our model gets smarter over time as more people share salaries on Glassdoor. Mr. Schwarzman, whose Blackstone Group managed $266 billion at the end of last year, received $374.5 million in pay and cash dividends. The average PIMCO salary ranges from approximately $55,335 per year for, PIMCO employees attributed a compensation and benefits rating of 3.7/5 stars to their company. The funds are the brainchild of the manager behind anti-ARK ETF, which gave investors an easy way to wager against Cathie Wood's flagship strategy. Any one familiar with comp for a Portfolio Associate roll at PIMCO on their mortgage backed securities team? The bonus structure is a quirk of that original deal: Allianz partial purchase left Pacific Life owning 30 percent of Pimco. A Pimco spokesman denied Salmons claim, responding that The numbers cited in your blog post today are wildly inaccurate.. Why should they pay a Pimco Premium? Our portfolio management team is headed by our chief investment officers (CIOs), led by Daniel J. Ivascyn. [12] Hodge's daughter then submitted an application to Georgetown asserting she had won a number of United States Tennis Association (USTA) tournaments, while in fact she had never played in a USTA match. [5][3] In 2009, CEO Mohamed El-Erian named Hodge chief operating officer, telling himaccording to Hodge: "You're the person I trust."[2]. Pacific Investment Management Co. paid former chief investment officer Bill Gross a bonus of about $290 million in 2013, a year in which his Total Return Fund (PTTAX) trailed a majority of peers, according to documents provided to Bloomberg View by someone with knowledge of Pimcos bonus policies. Get subscriber-only insights and news delivered by Barry daily. Executive Office; Outside legal counsel; . Part of the reason for Grosss longevity after the Allianz takeover and another element of the firms enormous wealth is what we might call the Pimco Premium. Despite being in a competitive field including giant companies such as Vanguard and Blackrock, Pimco manages to charge more than the industry standard for access to its funds and its separately managed accounts. From 197173, they lived in France, where El-Erian's father was the Egyptian Ambassador to France. Bill Gross and Mohamed El-Erian, PIMCO's now-ex co-CIOs and co-CEOs, reportedly each received over half a billion dollars in bonus compensation ($290 million to Gross and $230 million to El-Erian)." HW Media connects and informs decision makers across the housing economy. ), this isn't the place for you. This is a great place with lots of projects to work on. If I were managing Pimco (even from 6,000 miles away), I would be looking at ways to make those fee reductions more permanent. How does work and comp look like (London). Average salary for PIMCO Account Analyst in Radcliffe, England: [salary]. The identity of which of the seven is the Pimco top earner is undisclosed. Executive Compensation Guide : Reviews fundamental characteristics of some common executive compensation plans including restricted stock, stock options . Visit PayScale to research Pimco salaries, bonuses, reviews, benefits, and more! Mostly worked through the pandemic so I worked through an odd time than most. Total Pay About $97K - $104K/yr Base Pay Based on 2 SalariesFull Pay Details See salaries from all locations Senior Software Developer About $170K - $186K/yr Avg. How much top executives at Pacific Investment Management Co., better known as PIMCO, earn continues to fascinate Wall Street. To put that in perspective, Jamie Dimon, the chief executive of JPMorgan Chase and one of the most powerful figures in American finance, got a quarter of that. PIMCO joins the ever-growing list of prominent landlords in default (or soon to be there) on very large debt. The award recognizes outstanding leadership in international economic and financial policy, melding creativity and vision with expertise to promote global prosperity. The average salary of Pimco jobs will vary according to location, department, and job description. He pleaded guilty in October 2019 to the felony of conspiring to commit fraud and money laundering. The yield on six-month US Treasury bills rose as high as 5.14% Tuesday, the most since 2007. "This year is a stinker," he said in a letter peppered with baseball metaphors. How much compensation the folks at Pacific Investment Management Co., better known as Pimco, haul in each year has always been a topic of fascination on Wall Street. When competing for business, the firm has had an unbeatable combination of a long history and outstanding long-term results. Executive Leadership. The show examines all aspects of the legal profession, from intellectual property to criminal law, from bankruptcy to securities law, drawing on the deep research tools of BloombergLaw.com and BloombergBNA.com. El-Erian was ranked the top influencer by LinkedIn in 2016[66] and third in 2017. Both as firms and as individuals, we need to personify trustworthy values Willful violations of the rules should not be tolerated [What is needed is] a stronger emphasis on ethics and integrity. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. [17][14], In February 2020, the Wall Street Journal newspaper published an Opinion piece written by Mr Hodge titled, "I Wish I'd Never Met Rick Singer"[18], Securities Industry and Financial Markets Association, Federal Correctional Institution, Otisville, "An interview with Douglas Hodge of PIMCO,", "Can Pimco's quiet point man shine in public? [32][33][34] In December 2012, Marketwatch named him one of "30 leaders who will set the agenda in 2013" the publication's annual list of the people who will shape economic currents in the coming year. Former chief executive Mohamed El-Erian, who shared the title of CIO with Mr. [12][13], In 2013 Hodge used Singer again, this time to help another daughter get into USC. PIMCO is a great company to work so as long as you're in the right team with the right manager. But Allianz is a German company, subject to different regulations. Andrew Balls, the brother of shadow chancellor Ed, has shared 57m in pay with six other directors of the European arm of Pimco, the world's largest bond investor. They won't ask too many fit, maybe one or two questions regarding background. Mohamed El-Erian, Pimco's former chief executive officer and one-time heir apparent to Gross, received $230 million. [44] Having first come up with the concept in January 2009 and after discussions with PIMCO, he wrote about it in May 2009[45][46] and presented it in several forums, including as the 2010 Per Jacobsson Foundation Lecture in Washington D.C.[47] He has published numerous articles and commentaries on topics related to the New Normal, the sovereign debt crisis in Europe,[48][49] the transformative changes occurring in the Middle East,[50][51] and other matters related to the global economy, policy and markets.[52][53]. After his studies at Oxbridge, El-Erian settled in the US in 1983, taking a position at the International Monetary Fund in Washington, D.C., where he rose to become deputy director. El-Erian has published widely on international economic and finance topics. . I originally published this at Bloomberg, November 14, 2014. [60] In November 2015, he participated in the Fortune CEO Global Summit[61] and was the keynote speaker at the CFA Society of Chicago. Pimco is based in California and is owned by German financial services giant Allianz; it manages $1.4tn on behalf of pension funds, corporate treasury departments and financial intermediaries - a massive sum that equates to Spain's gross domestic product. The SEC chairman said using predictive data technologies may create 'inherent conflicts' of interest for investment advisors. Rocket has a plan to drastically cut costs. * PIMCO manages $1.74 trillion in assets, including $1.38 trillion in third-party client assets as of 31 December 2022. [12] Assistant US Attorney Eric S. Rosen told the court Hodge was a flight risk with unlimited resources, and facing a maximum prison term of 20 years if convicted. Barry Ritholtz, Guess How Much Money Bill Gross Made Last Year? They are grandmasters in story telling, taking any event that hurts the financial industry and turning it to soften employees' comp expectations instead of taking the hit to the business. The bonus for Mr. Shareholders of the Total Return Fund netted about $10 billion from its mortgage plays. Here are some companies in the same or similar industry as Pimco. However, in 2009 four directors shared 11m. Daniel Ivascyn, Pimcos new group chief investment officer, appointed after Mr. Gross surprise departure on Sept. 26, made a bonus of about $70 million last year, the documents show. [8] He was also on PIMCO's executive committee, and on the global executive committee for Allianz Asset Management, the governing body of asset management for the Allianz Group. Finance, Business Insider as well as Fortune/CNN[3] and Foreign Policy. We know how this works.[12][13], According to the affidavit, in November 2018 in a taped call Singer told Hodge that his charitable foundation was being audited. Since then, Pimco has grown into a behemoth, in terms of the bottom line and as a force in the bond market. El-Erian remains a member of the parent company's (Allianz) international executive committee, chairs its International Advisory Committee, and is an advisor to the management board. PIMCO employees rate the overall compensation and benefits package 3.7/5 stars. Anyone have this info or know where to find this online? . In a recent Allianz presentation following Gross departure from Pimco, the firms new chief executive, Doug Hodge, stated, We dont comment on matters of compensation.. With our launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. This same deal structure continued even after Allianz purchased the 30 percent of Pimco that it didnt already own from Pacific Life in the mid-2000s. Each salary is associated with a real job position. A publicly traded German insurer, Allianz has released some details about Pimcos operations in its quarterly earnings reports. He also served as a member of the faculty of Harvard Business School. [4] Named for four years in a row as one of Foreign Policy's "Top 100 Global Thinkers," he has written two New York Times Best Sellers, including, The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse published in January 2016 by Random House. Pimco introduced a 225 million euro award program to retain top talent. While Pimco does not comment on compensation, the figures provided to Bloomberg are not correct, said Dan Tarman, a spokesman for Pimco, declining to specify the firms objections. Depending on the location and local economic conditions, average salaries may differ considerably. The huge Pimco rewards are revealed in documents filed with Companies House, as the controversy over City and executive pay gains momentum following last minute alterations by Barclays to its bonus plan and a wave of protests at companies as diverse as Smith & Nephew and Capital Shopping Centres. Former deputy chief investment officer Daniel Ivascyn now serving as Gross's replacement as Pimco's chief investment officer took home a $70 million bonus. The top three managers after Gross and El-Erian Ivascyn, Cupps and Jacobs were rumored to have been behind the coup that sent Gross packing to Janus Capital in September. [16] However, it was widely reported that his resignation was triggered by conflicts with Gross,[17] raising questions about the company's succession plan as El-Erian was widely perceived as heir apparent to the 69-year-old Gross. Pimco currently manages $1.52 trillion in assets. Fixed-income titan Pimco is starting to embrace cryptocurrencies, CIO says Published Wed, Oct 20 2021 2:22 PM EDT Updated Wed, Oct 20 2021 4:24 PM EDT Yun Li @YunLi626 Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. PIMCO is a global investment manager with a presence on-the-ground in Europe since 1998, and a longer history of managing assets for European clients. As of December 31, Pimco managed about $2.2 trillion in assets, which placed it among the largest money managers. The Leadership Team. Pimco keeps the rest. Its London-based staff grew from 168 in 2010 to 231 last year. Moving the Housing Market Forward. Executive Vice President salaries at PIMCO can range from $326,589 - $357,526. Pressure to have FCA or MBA. Since Mr. Pimcos profits are down by 7.9 percent in the third quarter of this year, and the firm saw saw almost $50 billion in outflows last month. In February 2020 he was sentenced to nine months in federal prison, and to pay a $750,000 fine and serve 500 hours of community service, for his participation in the 2019 college admissions bribery scandal. Read what they think about their salaries on our Compensation FAQ page for PIMCO. What are some typical titles and locations for Pimco jobs? How do you transition from QC defense to offense in 2023? He later obtained a master's degree (1983) and a doctorate (1985) in economics from St Antony's College, Oxford. His philanthropic efforts over the years have emphasized education and health, including major gifts to the Children's Cancer Hospital in Egypt as well as the University of Cambridge and Queens' College. Professionals rely on HW Media for breaking news, reporting, and industry data and rankings. GROSS, EL-ERIAN In October 2015, it was announced that, together with funding for studentships and new faculty positions, the El-Erian Institute for Human Behavior and Economic Policy would be established in partnership with Queens' College and the Faculty of Economics at Cambridge. Anecdotally, stories abound of Pimco institutional salespeople offering steep one-year fee discounts as a way to retain assets. He was also the keynote speaker at the 2014 CME Conference along with Ben Bernanke and Colin Powell. (Her rocky push into equities was the subject of well-publicized haranguing by Gross.) Raises rarely meet inflation, and if they do expect them to offset the increase with a reduction to your bonus. [11] In December 2013, he became an honorary fellow of Queens' College, Cambridge. El-Erian is a widely recognized thought leader and is credited with developing the post-global financial crisis concept of the "New Normal". This element of partnership has always been in place and has been a basis of success at Pimco. Menu Home; Rankings. November 14, 2014 7:00am by Mr. Roman is PIMCO's chief executive officer and a managing director of the firm. The typical PIMCO Vice President salary is 133,575 per year. Base salary is the fixed component of compensation that is determined . The . Pimco currently manages about $2 trillion. [18] Despite this, El-Erian praised Gross as "a brilliant investor anchored by three things that you hardly ever find in an investor: Strong fundamentals including economics, a really good feel for the market and strong bond math" when Gross departed Pimco.[19]. [25] His second book, The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse, was also a New York Times bestseller. In Europe, the company's accounts show assets under management grew by 26% in 2011 to $198bn; they do not record how well its fund managers performed, and Pimco did not return phone calls. [5][3] Hodge initially worked for the company as a senior account manager and as a global product manager. By October, Pimco Total Return had ceded the title of biggest mutual fund to an offering from Vanguard Group Inc. After 18 straight months of client redemptions, its been reduced to $170.9 billion in assets as of Oct. 31, according to Pimco. [1][2] He received an undergraduate degree from Dartmouth College (BA in Economics, 1979), and an MBA from Harvard Business School (1984). [9], After attending St John's School, Leatherhead, a boarding school in England, he gained a scholarship to Queens' College, Cambridge, and received a bachelor's degree in economics in 1980. [30] In 2017, he again was listed on Worth's "power 100." Pacific Investment Management Co. paid its former Chief Investment Officer Bill Gross a bonus of about $290 million in 2013, a year in which his Total Return Fund trailed a majority of peers,. It was an integral part of the acquisition of Pimco by Allianz in 2000 and resulted in a reduction of the purchase price paid. Much of what we know about Pimco stems from Allianz SEs $3.3 billion purchase of 70 percent of the firm in 2000. Pimco pays an average salary of $1,609,016 and salaries range from a low of $1,396,978 to a high of $1,855,475. Allianz is fully aware of the profit-sharing plan at Pimco, said Petra Brandes, a spokeswoman for Allianz. In 2017, he was named to Investment News's list of 20 market "Icons and Innovators." The bank cited its asset and wealth management business as the area offering the most significant growth opportunity. [8] Shortly after his birth, the family moved back to Egypt, where El-Erian spent some of his early childhood along with short periods in Europe where his father attended meetings of the UN law commission. According to our data, the highest paying job at PIMCO is a Senior Software Engineering Consultant at $313,000 annually while the lowest paying job at PIMCO is a Communications Associate at $35,000 annually. And the story doesnt end with Pimcos two most visible (former) employees. [15], He pleaded guilty in October 2019 to conspiring to commit fraud and money laundering. Wendy Cupps, the head of product management, received a bonus of about $50 million, the documents show. [12], The allegations detailed how Hodge paid entities controlled by William Rick Singer (who has entered a guilty plea admitting that he was the ringleader of the scheme) and corrupt school officials, to bribe coaches and college officials to get them to present Hodge's children as sports team recruits, despite them not having the requisite athletic ability. The pressure to perform and remain at the top once you're there? With our innovative approach combining trading, technology, and meteorology expertise, we constantly push boundaries . Global offices throughout the Americas, Europe and Asia, Portfolio Managers with an average of 17 years of experience, Investment professionals who have been at PIMCO for 10 years or more. Thats exactly what professional tennis player Jannik Sinner had in mind when he met up with Lindsey Vonn, US Olympic Champion and one of the best alpine ski racers of all time. IVASCYN, HODGE In 1968, the family moved back to New York when his father took a position at the United Nations. Convex Energy is a forward-thinking player in the European commodities markets, trading power, gas and CO2 emissions throughout the continent. PIMCO is a global leader in active fixed income. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. PIMCO employees earn $73,500 annually on average, or $35 per hour, which is 11% higher than the national salary average of $66,000 per year. The salary paid can be different for the same position in Pimco based on experience, skills, and education. Total Pay About $157K - $169K/yr Base Pay About $14K - $16K/yr Additional Pay The table shows below the name of the job title below you may be interested in including salary range and total compensation. I bet I even could find close to a billion and a half dollars in savings. Pacific Investment Management Co. paid its former Chief Investment Officer Bill Gross a bonus of about $290 million in 2013, a year in which his Total Return Fund trailed a majority of peers, according to documents provided to Bloomberg View by someone with knowledge of Pimcos bonus policies. In July 2014, the Egyptian Cancer Network gave him the Lifetime Achievement Award for his support of cancer treatment and cures for children in Egypt. It has been four decades since it was spun out of Pacific Life Insurance Co., a move that was made in part to allow Gross a freer hand to manage the insurers fixed income portfolio. It has had a specialty in fixed income since it was cofounded in 1971 by Bill. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. Site by, The new, must-have technology thats tackling lendings greatest challenges. Mr. . The salaries at Pimco confirm what researchers have been saying about income inequality in America: far more than the 1 percent, it's the skyrocketing compensation of the 0.1 and 0.01 percent that are driving the rise in income inequality. SPECIAL PERFORMANCE The bonus is expected to cost an average of 33 million euros before taxes for each of the next five quarters and 10 million euros each for the remaining six quarters, the insurer said. Douglas Hodge, 57, who was chief operating officer until he took over as CEO in January, received a bonus of about $45 million, and the firms president, Jay Jacobs, was given about $22 million.

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