Breaking News

Tweet TWEET

JPMorgan Awards CEO Jamie Dimon $23 Million Pay Package

JPMorgan Chase & Co. (JPM), the largest and most profitable U.S. bank, gave Chairman and Chief Executive Officer Jamie Dimon $23 million in pay and bonuses for 2011, about the same as the previous year.

Dimon’s base salary was raised to $1.5 million beginning in March 2011 from $1 million and he received $17 million in restricted stock and options for his performance in 2011, down from $17.4 million the previous year, the New York-based company said today in a proxy statement. His cash bonus was $4.5 million, down from $5 million in 2010, the bank said.

JPMorgan capped its second straight year of record profit in 2011 with $19 billion in net income. The European sovereign- debt crisis, mortgage losses and litigation weighed on the company’s shares, which slumped 22 percent for the year -- beating the 25 percent drop by the 24-company KBW Bank Index.

Dimon, 56, received restricted shares valued at $12 million, according to the proxy. He also received options valued at $5 million, based on the company’s calculations.

The CEO took a salary of $1 million for 2009 and gave up bonuses that year and in 2008 after receiving $49.9 million in total compensation for 2007. Dimon and his wife control almost 5.2 million shares valued at more than $209 million as of March 2, when his total holdings were last disclosed.

Photographer: Simon Dawson/Bloomberg

James "Jamie" Dimon, chairman and chief executive officer of JPMorgan Chase & Co. Close

James "Jamie" Dimon, chairman and chief executive officer of JPMorgan Chase & Co.

Close
Open
Photographer: Simon Dawson/Bloomberg

James "Jamie" Dimon, chairman and chief executive officer of JPMorgan Chase & Co.

Best-Paid Bankers

Dimon is among the nation’s best-paid bankers. Bank of America Corp., the second-largest U.S. lender by assets, cut CEO Brian T. Moynihan’s 2011 total compensation 30 percent to $7 million. Citigroup Inc. (C), ranked third, awarded CEO Vikram Pandit $14.9 million.

Jes Staley, the CEO of JPMorgan’s investment bank, had his compensation cut 6 percent to $16 million, including a $5.3 million cash bonus, $7.95 million in restricted stock units and $2 million in options, according to the proxy.

Mary Erdoes, the CEO of asset management, got $14.5 million, a cut of 3.5 percent, and Chief Investment Officer Ina Drew received $14 million, a 6.8 percent reduction, JPMorgan said. Chief Financial Officer Doug Braunstein’s compensation totaled $9.5 million, down 21 percent from 2010.

To contact the reporter on this story: Dawn Kopecki in New York at dkopecki@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.