JPMorgan Chase CEO to Get Big Pay Raise
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Photo by Chip Somodevilla/Getty Images(NEW YORK) — Jamie Dimon, CEO of JPMorgan Chase, will receive a 74 percent raise after having his pay cut nearly in half last year.
JPMorgan’s board voted this week to increase Dimon’s 2013 compensation, after cutting his pay in half by $11.5 million last year in response to the “London Whale” rogue trading debacle that cost the bank billions. Much of the increase the CEO would receive comes in the form of performance-based restricted stock.
A spokeswoman for JPMorgan Chase declined to comment. In a regulatory filing, the company said it took these factors into account in setting Dimon’s pay: “…the Company’s sustained long-term performance; gains in market share and customer satisfaction; and the regulatory issues the Company has faced and the steps the Company has taken to resolve those issues, including those arising from events at Washington Mutual and Bear Stearns that predated the Company’s ownership. Under Mr. Dimon’s stewardship, the Company has fortified its control infrastructure and processes and strengthened each of its key businesses while continuing to focus on strengthening the Company’s leadership capabilities across all levels.”
On Friday, the bank’s filing with the SEC indicates Dimon is receiving $20 million for 2013, including a base salary of $1.5 million that remained flat with the prior year.
Back in 2011, he received the highest pay, $23.1 million, for any chief at a large bank.
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