JPMorgan leaves Jamie Dimon’s pay unchanged at $34.5mn

JPMorgan Chase said it would no longer award longtime chief executive Jamie Dimon any more special awards “in the future” following investor pushback to a $50mn award last year.

The bank made the commitment in a regulatory filing on Thursday, which also showed the Wall Street giant paid Dimon $34.5mn for his work in 2022. This was unchanged from the previous year despite the company suffering its steepest decline in profits in more than a decade.

JPMorgan said Dimon, 66, was paid a base salary of $1.5mn and a $33mn performance-based bonus for 2022. The bank said its board of directors, which Dimon chairs, “considered his holistic performance across financial and non-financial performance dimensions” as part of determining his pay.

In 2022, JPMorgan reported record revenues but its full-year net income fell 22 per cent to $37.7bn, the bank’s biggest full-year drop in profits since 2008 amid an industry-wide slump in investment banking fees.

Nevertheless, the group reported an 18 per cent return on tangible equity, ahead of its target of about 17 per cent. JPMorgan shares also outperformed the benchmark S&P 500 index and the KBW Bank index, although the stock was still down 15.3 per cent for the year.

Source: ft.com