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JPMorgan Boosts CEO Dimon’s Stock Payout 22% to $17.4 Million

JPMorgan Chase & Co., the second-largest U.S. bank by assets, boosted Chief Executive Officer Jamie Dimon’s 2010 restricted stock payout by 22 percent to $17.4 million. Photographer: Simon Dawson/Bloomberg
JPMorgan Chase & Co., the second-largest U.S. bank by assets, boosted Chief Executive Officer Jamie Dimon’s 2010 restricted stock payout by 22 percent to $17.4 million. Photographer: Simon Dawson/Bloomberg

Feb. 18 (Bloomberg) -- JPMorgan Chase & Co., the second-largest U.S. bank by assets, boosted Chief Executive Officer Jamie Dimon’s 2010 restricted stock payout by 22 percent to $17.4 million.

The board awarded Dimon 251,415 restricted shares valued at about $12.1 million based on the Feb. 16 closing price, according to a filing yesterday with the U.S. Securities and Exchange Commission. He also received 367,377 options valued at $5.3 million, based on Bloomberg calculations.

That compares with 195,704 restricted shares valued at $7.95 million and 563,562 options valued at $6.24 million awarded last year for his work in 2009, according to disclosures by the New York-based company.

Dimon, 54, may have also received a cash bonus for 2010 as well that hasn’t yet been disclosed. He took a salary of $1 million and gave up bonuses for 2008 after receiving $49.9 million in total compensation for 2007, which included cash and restricted stock bonuses of $14.5 million each.

JPMorgan awarded Dimon’s top 15 executives more than $73 million in restricted shares, plus stock options, for their performance in 2010, according to Jan. 21 SEC filings. That compares with $64.2 million in stock granted to his top 16 executives a year ago, filings at the time show.

Blankfein, Gorman

Goldman Sachs Group Inc. gave Chairman and Chief Executive Officer Lloyd Blankfein a $12.6 million stock bonus for 2010. The New York-based firm also raised Blankfein’s salary to $2 million from $600,000. James Gorman, Morgan Stanley’s top executive since January 2010, got deferred stock and options valued at about $7.4 million for his performance last year.

JPMorgan reported a record $17.4 billion profit for the year, buoyed by $7 billion in pretax reserves that were added back to earnings as credit quality and the U.S. economy improved. JPMorgan’s shares rose 1.8 percent during the year.

A majority of Dimon’s wealth is in JPMorgan stock. He and his wife owned directly or through trusts and retirement plans more than 5 million shares valued at more than $221 million as of Jan. 19, when his total holdings were last disclosed.

Jes Staley, 54, CEO of the investment bank, received the second-biggest share of JPMorgan’s compensation pool with $8 million in restricted shares and 230,770 stock options, the filings show. Chief Investment Officer Ina Drew, 54, got the next-highest payout with $7.4 million in restricted shares and 153,847 options.

To contact the reporters on this story: Dawn Kopecki in Washington at dkopecki@bloomberg.net; Michael J. Moore in New York at mmoore55@bloomberg.net

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

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