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JPMorgan board raises CEO Dimon's compensation to US$31m

[NEW YORK] JPMorgan Chase & Co chief executive Jamie Dimon is receiving a 5 per cent raise, bringing his total 2018 compensation to US$31 million, the company said in a filing on Thursday.

In setting the figure, independent members of the JPMorgan board took into account "the firm's strong performance in 2018 and through the cycle" in categories including business results, risk, controls and conduct, customer focus and leadership, the filing said.

JPMorgan reported record net income of US$32.5 billion in 2018 and a return on tangible common equity of 17 per cent, the filing noted.

JPMorgan is the first major US bank to disclose compensation for 2018 performance.

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The package for Mr Dimon, 62, includes an annual base salary of more than US$1.5 million and performance-based incentive compensation of US$29.5 million. His total compensation a year earlier was US$29.5 million.

The bank also disclosed awards of restricted stock units to other top executives indicating their compensation for 2018.

Gordon Smith, co-president and CEO for consumer & community banking, received US$22 million, up 10 per cent from a year earlier.

Daniel Pinto, co-president and CEO of the corporate & investment bank, received US$22 million, up 5 per cent.

Mary Erdoes, CEO for asset & wealth management, received US$20.5 million, up 5 per cent.

Chief financial officer Marianne Lake received US$15 million, up 11 per cent.

Doug Petno, CEO for commercial banking, received US$12.75 million, up 6 per cent.

REUTERS