Banking

JPMorgan raises Jamie Dimon’s pay 10% to $34.5 million for 2021

JPMorgan Chase raised Chief Executive Jamie Dimon’s overall settlement 10% to $34.5 million for his operate in 2021, the company’s most rewarding year on record.

The bundle for Dimon — frequently the highest-paid CEO in U.S. banking — consists of $28 countless limited stock connected to efficiency, a yearly base pay of $1.5 million and a $5 million money reward, the most significant U.S. bank stated Thursday in a regulative filing. Dimon, 65, was paid $31.5 million a year for both 2020 and 2019.“

Amid the continued challenges of COVID-19 and supply chain disruptions, under Mr. Dimon’s stewardship, the firm continued to serve its clients and customers around the world,” the bank stated in the filing. It did so “during a time of unprecedented business demands, while supporting and providing a safe work environment for its employees and investing in and executing on strategic initiatives.”

The relocation is the current indication that banks are paying their most senior leaders more also, after settlement pressures emerged in 2015 from the junior ranks up through the banking and trading hierarchy. Firms were required to raise wages for burned-out junior lenders and are paying greater rewards after revealing restraint in 2020.

Both Dimon and his leading deputy, Daniel Pinto, were granted unique rewards in 2015 to attract them to remain in their functions for a “significant number of years.” In an October interview with Axios’s HBO program, Dimon explained his pay as part of a more comprehensive “umbrella” developed to keep senior management. 

JPMorgan made $48.3 billion in 2015, a 66% dive from 2021. Nearly $10 billion of that originated from reserve releases after possibly soured loans forecasted at the start of the pandemic never ever emerged. The company likewise took advantage of a historical offer boom, which assisted sustain its best-ever year for financial investment banking charges. 

Dimon has actually led JPMorgan considering that 2005 and is the most popular executive in international banking, functioning as a representative for the market. He has actually normally been the highest-paid of the significant U.S. bank CEOs recently, however in 2015 was bested by Morgan Stanley’s James Gorman, who was paid $33 million for 2020. JPMorgan is the very first among the group to reveal 2021 pay.



Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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