NEW YORK ( TheStreet) -- Here's the news and headlines that could move financial stocks today. JPMorgan Chase ( JPM) CEO Jamie Dimon made $23.1 million in 2011 and argued that the bank's stock may be too expensive to go ahead with a buyback program. Dimon earned $17 million in restricted stock and options, $4.5 million in cash bonus, $1.4 million in salary and the remainder in pension grants, according to the bank's annual proxy statement filed with the Securities and Exchange Commission Wednesday. Dimon's presumptive heir -- investment bank CEO James Staley -- earned $17.6 million in compensation during the same period, according to the SEC filing. In his annual letter to shareholders issued along with the proxy, Dimon said the bank's appetite for buying back stock at its current $45 level is "not as great." "If you like our businesses, buying back stock at tangible book value is a very good deal. So you can assume that we are a buyer in size around tangible book value," Dimon wrote. "Unfortunately, we were restricted from buying back more stock when it was cheap - below tangible book value - and we did not get permission to buy back stock until it was selling at $45 a share." JPMorgan's tangible book value in 2011 was $33.69, according Dimon's letter. Morgan Stanley ( MS) was targeted by the Federal Reserve for what the bank regulator describes as "pattern of misconduct and negligence" in its foreclosure program for residential mortgages. The Fed entered into a consent order with Morgan Stanley on Wednesday that will require the broker to hire an independent consultant to review past foreclosure practices and provide "remediation to borrowers" that suffered losses. The focus of Morgan Stanley's problems was its Saxon Mortgage Services unit and faulty foreclosure proceedings between 2009 and 2010. Morgan sold a majority of the Saxon's mortgages to Ocwen Financial ( OCN) earlier this month and has ramped back on residential mortgage servicing in the U.S.