HomeBusinessJPMorgan board lifts CEO Dimon's pay to US$34.5 million

JPMorgan board lifts CEO Dimon’s pay to US$34.5 million

JPMorgan Chase & Co CEO Jamie Dimon will get a 9.5 per cent increase in annual pay, bringing his whole compensation for 2021 to US$34.5 million, the financial institution stated on Thursday (Jan 20).

Dimon’s whole compensation will embody an annual base wage of US$1.5 million and performance-based incentive pay of US$33 million, in accordance to a regulatory submitting.

JPMorgan Chase stated administrators based mostly the pay determination on financial institution efficiency in 2021, whereas coping with the challenges from the pandemic, and in the long run. It additionally cited Dimon’s work on threat and controls, pursuits of consumers and stakeholders and teamwork and management.

The rationale supplied by the board was related to that provided for Dimon’s compensation in previous years.

Under Dimon, who turns 66 in March, JPMorgan produced internet earnings of US$48.3 billion in 2021, up from US$29.1 billion a yr earlier, and a return on tangible widespread fairness of 23 per cent, up from 14 per cent. The US$3 million, 9.5 per cent increase for Dimon comes after he acquired no enhance final yr.

Annual revenue at JPMorgan and different banks bounced again in 2021 from ranges that had been depressed by fees for anticipated mortgage losses from the pandemic that didn’t materialise.

Banks with large capital markets and funding banking companies, comparable to JPMorgan, additionally gained from securities underwriting and takeover advisory companies that thrived because the Federal Reserve held down rates of interest to assist the financial system.

Incentive compensation for Dimon and different high JPMorgan executives is basically composed of restricted inventory devices.

The financial institution additionally disclosed awards to different executives of restricted inventory items, indicating their whole compensation for 2021, together with:

  • Daniel Pinto, president of JPMorgan and CEO of the company and funding financial institution, US$28.5 million, up 16 per centĀ from the yr earlier than.
  • Mary Erdoes, CEO for asset and wealth Management, US$20.5 million, down 2 per cent.
  • Marianne Lake, co-head of shopper and neighborhood banking, US$16.5 million, up 5 per cent.
  • Jennifer Piepszak, who was chief monetary officer till May when she grew to become co-head of shopper and neighborhood banking, US$16.5 million, up 38 per cent.
  • Doug Petno, CEO of business banking, US$15 million, up 15 per cent.
  • Jeremy Barnum, who grew to become chief monetary officer in May, US$10 million.

JPMorgan is the most important US financial institution by property, with US$3.74 trillion on the finish of December.

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