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.
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.
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