NEW YORK (BLOOMBERG) – JPMorgan Chase & Co awarded chief executive officer Jamie Dimon US$31.5 million (SUS$42.6 million) in total compensation for his work in 2019, a 1.6 per cent jump after his bank posted record profit for the second year in a row.
The pay package includes US$25 million of restricted stock tied to performance, an annual base salary of US$1.5 million and a US$5 million cash bonus, the New York-based bank said on Thursday (Jan 23) in a regulatory filing. Dimon has run the company since the end of 2005 and is the last of the CEOs that steered banks through the financial crisis.
JPMorgan notched the highest profit in US banking history for the second year in a row in 2019 with US$36.4 billion, spurred by corporate tax cuts, growth in credit cards and a rebound in bond trading.
A spokesman also broke out pay for other executives. Daniel Pinto, who leads the corporate and investment bank, received total compensation of US$22.5 million, and Gordon Smith, who runs the consumer bank, earned the same amount.
Dimon, 63, often jokes that he plans to remain CEO for another five years. He repeated the joke last week on a call with reporters. He’s been the best-paid of the major US bank CEOs since 2016 and is the second of that group to disclose 2019 pay.
Morgan Stanley said last week it cut CEO James Gorman’s compensation by 7 per cent to US$27 million, even after the bank had its most profitable year on record.