JPMorgan lifts CEO Jamie Dimon’s pay to US$36 million for 2023
JPMORGAN Chase & Co raised chief executive officer Jamie Dimon’s pay to US$36 million for 2023, a year in which the bank notched the highest profit in the history of American banking.
The board granted Dimon a US$1.5 million salary and US$34.5 million of performance-based incentive compensation, according to a regulatory filing on Thursday (Jan 18). His total pay is up 4.3 per cent from 2022, when he made US$34.5 million.
“The firm is in a uniquely fortunate position to be led by such a highly talented and experienced executive who continues to grow the company, maintain market leadership positions, strengthen the firm’s reputation, invest in opportunities for the future, promote diversity and best practices, manage risk and develop great leaders, while also maintaining his focus on the firm’s clients,” the board said.
JPMorgan pulled in US$49.6 billion last year, boosted by the Federal Reserve’s interest rate hikes and its purchase of First Republic Bank in a government-led auction. Shares rose 27 per cent during the year, outperforming all major rivals.
Dimon, a billionaire, has been in his role for 18 years – a longer tenure than the CEO of any other major bank – and is often the highest-paid of his peers. In October, New York-based JPMorgan said in a filing that Dimon plans to sell one million of the bank’s shares, the first such transaction since he took the helm at the Wall Street giant, for financial diversification and tax-planning purposes.
He has long quipped that he plans to stay in his seat five more years, no matter when asked. That joke turned serious in 2021 when the board gave him a special incentive package worth more than US$50 million to stay until at least 2026. Still, Dimon has not indicated he views that award as a career closer.
“I can’t do this forever, I know that, but my intensity is the same,” Dimon, 67, said at the firm’s investor day last year. “I think when I don’t have that kind of intensity, I should leave.”
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