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Jamie Dimon gets $36 million in compensation after historic year for JPMorgan

Jeffrey Cane   

Jamie Dimon gets $36 million in compensation after historic year for JPMorgan
  • JPMorgan Chase reported the largest annual profit of any US bank ever in 2023.
  • The bank's board increased CEO Jamie Dimon's pay by 4% to $36 million.

What a year for JPMorgan Chase: a $49.6 billion profit for 2023 that was a record for any bank in US history and a hugely beneficial rescue deal for First Republic.

So it's probably not surprising that its longtime CEO, Jamie Dimon, is getting a raise from the bank's board, a 4% bump, to $36 million, for 2023. The bank disclosed Dimon's compensation in a securities filing on Thursday.

His pay consists of an annual base salary of $1.5 million, $5 million in cash, and $29.5 million in performance share units, according to the filing.

Dimon's compensation was $34.5 million for both 2022 and 2021.

"The annual compensation for 2023 reflects Mr. Dimon's stewardship of the firm, with growth across all of its market leading lines of business, record financial results and a fortress balance sheet," the bank said in the filing. "In addition, the firm successfully navigated and supported its clients and customers through the regional bank turmoil as well as completed the acquisition of First Republic.

The compensation disclosure follows October's announcement that Dimon plans to sell shares of JPMorgan for the first time since becoming CEO in 2005. One banking analyst, Mike Mayo of Wells Fargo, noted at the time that the planned sale was "a reminder that the CEO is getting closer to retirement," CNBC reported.

Dimon, the longest-serving Wall Street bank chieftain, turns 68 in March.


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