JPMorgan's board of directors will give Chief Executive Officer Jamie Dimon a 4.3% raise in 2023, bringing his annual compensation to $36 million, after the bank posted record profits in its fiscal year. decided to raise it to .
The board awarded Mr. Dimon a salary of $1.5 million and performance-based incentives of $34.5 million, according to a regulatory filing Thursday. Reviewed by Bloomberg.
The 67-year-old's compensation is up 4.3% from 2022, when he was making $34.5 million.
“We are proud to have such exceptional talent and experience as we continue to grow our company, maintain our market leadership position, enhance our company’s reputation, invest in future opportunities, and promote diversity and best practices. We are in the uniquely fortunate position of being led by a deep-rooted management team. According to Bloomberg, the board of directors said in a filing, “We are committed to managing risk and developing great leaders, while at the same time We will maintain our focus on our customers.”
JPMorgan also made huge profits in 2023, posting a profit of $49.6 billion, the highest in the history of an American bank.
The Wall Street giant, according to its earnings report, owed its 31% year-over-year profit to high interest rates and First Republic Bank, one of three mid-sized financial institutions to fail within two months. This is due to the acquisition of
JPMorgan's success also means that many of its executives received raises of up to 5%, including President Daniel Pinto, who raised $30 million, according to Bloomberg.
Mary Erdoes, J.P. Morgan's longtime head of wealth and asset management, also worked closely with Jeffrey Epstein after the star banker pleaded guilty to pimping a minor in 2008. They were awarded $27 million a year in compensation, even though unreleased court documents revealed that they had cooperated.
Meanwhile, consumer banking co-heads Jennifer Piepszak and Marianne Lake were each awarded $18.5 million, according to regulatory filings.
Mr. Dimon rose to the position after serving as J.P. Morgan's president and chief operating officer and has held the top position at the nation's largest financial institution since 2005.
His 18-year tenure is the longest of any other major bank CEO.
During this time, JPMorgan's stock price rose about 250%. That's more than 10 times the increase in the S&P 500 financial index over the same period, according to Bloomberg.
As the bank experienced years of depressed stock prices, Mr. Dimon used his own money to shore up the stock in a show of confidence in tough times.
Consider, for example, when Mr. Dimon bought 500,000 shares of the bank's stock in early 2009 during a downturn in stock prices.
He took similar action in 2016, spending a total of about $38 million on two trades, according to Bloomberg.
JPMorgan's stock market success made Dimon a billionaire in 2015, and his current net worth is around $2 billion, according to Bloomberg estimates.
Dimon may be preparing for retirement after he recently disclosed plans to sell $141 million worth of JPMorgan stock in a regulatory filing in October. This raised concerns that there might be.
The decline marks the first time Dimon has reduced his personal stake in JPMorgan since becoming CEO.
Following the sale, Mr. Dimon and his family will continue to own approximately 7.6 million shares of JPMorgan, the largest bank in the United States by assets, with more than $2.5 trillion in assets, according to the bank's website. Become.
Similar concerns were spurred around retirement after Dimon said in 2020 that he would remain active for five more years, a comment that has come in two years since he first set a five-year goal. This was done years later.
