Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
JPMorgan Chase paid longtime chief executive Jamie Dimon $36mn for 2023, up about 4 per cent from the previous year and his largest remuneration at the US bank.
The pay increase for Dimon, who has led the lender since the end of 2005, comes after a year in which the bank reported record profits of almost $50bn and was significantly more profitable than its peers.
“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,” JPMorgan said in a regulatory filing on Thursday.
The $36mn in pay for Dimon, 67, is up from $34.5mn in 2022. It comprises $1.5mn in base salary and a $34.5mn bonus, most of which is paid in stock.
Dimon’s top executives also received pay bumps last year. JPMorgan president Daniel Pinto’s pay rose roughly 5 per cent to $30mn. Jennifer Piepszak and Marianne Lake, co-heads of the consumer business who are seen as leading candidates to one day replace Dimon, were both paid $18.5mn, up almost 6 per cent.
Dimon often tops the list of the highest-paid chief executives across the large US banks. Forbes puts his net worth at about $1.9bn, much of which is in JPMorgan stock.
For almost two decades, Dimon did not sell any of his JPMorgan shares. But last year he said he planned to sell a chunk of his stock, which at the time of the announcement would have netted him more than $140mn.
His pay at JPMorgan has at times been a contentious issue for shareholders. Two years ago investors objected to a one-off special award to Dimon projected to be worth about $50mn over several years.
A majority of shareholders ended up voting against the pay plan for the first time in a non-binding “say on pay” vote at the bank’s annual investor meeting in 2022.
