Jamie Dimon Gets $31 Million Pay for JPMorgan's Record Year
Dimon’s pay package included $24.5 million of restricted stock tied to performance, an annual base salary of $1.5 million.
(Bloomberg) -- JPMorgan Chase & Co. awarded Chief Executive Officer Jamie Dimon $31 million in total compensation for his work in 2018, a 5.1 percent bump after his bank posted record profit.
Dimon’s pay package included $24.5 million of restricted stock tied to performance, an annual base salary of $1.5 million and a $5 million cash bonus, the New York-based bank said Thursday in a regulatory filing.
JPMorgan notched the highest profit in U.S. banking history in 2018 with $32.5 billion, spurred by corporate tax cuts, rising interest rates and growth in the firm’s credit-card business. Dimon’s also overseeing the lender’s plans to expand its branch network into new states for the first time in more than a decade and the building of a new Manhattan headquarters.
JPMorgan’s pay costs climbed 6 percent firmwide last year, including a 7 percent bump at the firm’s investment-bank division.
Dimon said last January he plans to stay in the top job at the largest U.S. lender for about five more years. He’s run the company since the end of 2005 and is the last of a generation of CEOs that steered banks through the financial crisis.
This was the second-biggest pay package the 62-year-old billionaire banker has received since he became CEO, trailing only his $49.9 million of reported compensation for 2007. He was the best-paid of the major U.S. bank CEOs for 2017 and 2016, and he’s the first of that group to disclose 2018 pay.
--With assistance from Jenn Zhao.
To contact the reporter on this story: Michelle F. Davis in New York at mdavis194@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Pierre Paulden, Daniel Taub
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