JPMorgan Chase & Co. on Thursday increased longtime CEO Jamie Dimon's 2024 pay package by about 8.3% after the bank posted record profits amid a resurgence in trading and fundraising activity. announced that it had reached $39 million.
His compensation includes a base salary of $1.5 million and incentives of $37.5 million.
JPMorgan's 2024 profits were at a record high as dealmakers and traders reaped a windfall from a market recovery in the fourth quarter.
The head of the largest U.S. financial institution will be paid $34.5 million in 2021 and 2022, before being paid $34.5 million in 2023 against a backdrop of economic uncertainty, geopolitical tensions and the effects of the lingering COVID-19 pandemic. It was paid $36 million a year.
Other executives at the bank also expect their compensation to increase by 4% to 21% in 2024.
Dimon's compensation is on par with Goldman Sachs CEO David Solomon, who also earned $39 million in 2024.
Mr. Dimon is an influential CEO whose 19-year tenure far exceeds that of his contemporaries, but he said he is likely to step down within five years.
The Board of Directors has identified a candidate to replace Mr. Dimon. Potential candidates to replace him include Marianne Lake, CEO of Consumer and Community Banking, Troy Rohrbaugh, Co-Head of Commercial and Investment Banking, and Mary Erdoes, CEO of Wealth and Wealth Management. (CEO).
Another senior executive, Jennifer Piepszak, has stepped down as CEO. Race for nowthe bank announced this month.
