Monday, June 5, 2023

JPMorgan Chase keeps Jamie Dimon’s annual salary stable at $ 31.5 million

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JPMorgan Chase paid its CEO, Jamie Dimon, $ 31.5 million for 2020, the same amount as the previous year, the US bank revealed on Thursday.

In a regulatory file accompanying the figures, JP Morgan said that “amid the unprecedented health and economic consequences of Covid-19,” the bank declared record revenues and maintained a strong balance sheet, even setting aside $ 12 billion for credit losses.

JPMorgan shares fell 8% in 2020, despite a strong rally towards the end of the year, as bank loan profits were hit hard by falling interest rates and high loan loss provisions that followed the onset of the crisis. pandemic.

The KBW banking index lost 5.5 percent on the year, and JPMorgan’s closest rival, Bank of America, lost 7 percent.

JPMorgan, like several other Wall Street banks, had knowledgeable staff that it would not be an exceptional bonus season, despite the good performance of the investment banking and trading divisions, thanks to the high volatility and lower rates of the last year.

Banks are struggling to balance payment for performance with the perception that, as ordinary people struggle during the pandemic, bankers are getting richer.

When he reported strong fourth quarter results earlier this month, Mr Dimon called for caution, saying, “It’s not like we’re bragging, we’re not.”

JPMorgan is the first major US bank to report the compensation of its CEO. Mr. Dimon, 64, is still one of America’s highest paid bank bosses.

As in 2019, his 2020 package consisted of $ 1.5 million in base compensation, a cash bonus of $ 5 million, and $ 25 million in “performance share units” that were awarded. acquire over several years and whose value varies according to the price of JPMorgan shares.

Mr. Dimon’s year was also marked by a serious health crisis. In March, he was rushed to hospital for emergency surgery when he underwent acute aortic dissection, a life-threatening condition triggered by a tear in the inner layer of a large blood vessel. branching from the heart. He returned to work full time a month later.


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