NEW YORK (AP) — Moody's analysts aren't pleased with the big pay package for the CEO of Jefferies Group Inc.
In a note Monday, analysts Peter Nerby and Christian Plath said the pay package for Richard Handler, the head of the investment bank, "once again highlights the issue of excessive compensation at investment banks." Jefferies said last week that Handler will get a 2012 pay package of $19 million, as measured by the bank's calculations.
That's a marked difference from rivals like JPMorgan Chase's Jamie Dimon and Morgan Stanley's James Gorman, who will both get pay cuts because of some disappointing results at their banks.
The analysts acknowledged that Jefferies has fared well under Handler, avoiding the large losses — related to both investments and lawsuits — that have plagued many of its larger peers. Jefferies is selling itself to Leucadia National Corp., and the stock has jumped nearly 40 percent since the day the deal was announced in November. The shares were up 4 cents at $19.99 in Monday afternoon trading.
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