“Apollo Global Management Inc. is giving co-Presidents Jim Zelter and Scott Kleinman a shot at more than $860 million in stock payouts as the firm — trying to move beyond leadership turmoil and expand from private equity roots into more services — retools rewards.
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Yet the new stock awards also underscore the riches available to executives atop investing giants amid Wall Street’s escalating war for talent. Banks and money managers are under pressure to pay more as profits rise in a pandemic that’s pushed corporations to do more deals and central banks to intervene in the economy, driving up asset prices.
But at banks, compensation remains under public scrutiny in the wake of the 2008 financial crisis. Recently announced incentive programs for some of the industry’s most prominent leaders — such as Goldman Sachs Group Inc.’s David Solomon and JPMorgan Chase & Co.’s Jamie Dimon — are a fraction of what Apollo may end up paying its co-presidents.”
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Basak, Sonali and Tom Maloney. Bloomberg 2 December 2021.