(Reuters) – Billionaire investment banker Ken Moelis was awarded a $25 million retention bonus to stay at the investment bank Moelis & Company, according to a regulatory filing on Monday.
Moelis, who founded the investment bank in 2007 and serves as its CEO, once was also a banker to current U.S. President Donald Trump.
The move comes as part of efforts from big Wall Street firms to keep their top executives in their positions. Last month, Goldman Sachs’ CEO David Solomon was awarded an $80 million stock bonus to stay at the helm for five more years.
Moelis’ award will vest fully if he remains at the firm until February 2029. Moelis can draw on 100% the award provided he remains with the company in any executive position, the bank said in the filing.
The compensation committee determined to grant the retention award to Moelis to maintain continuity and stability in the company’s leadership in the coming years, the filing said.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Alan Barona)
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