JPMorgan Chase, a leading US bank, paid its long-serving CEO, Jamie Dimon, $36 million for the year 2023, marking a 4% increase from the previous year and representing his highest remuneration at the bank.
Dimon, who has been at the helm since the end of 2005, saw this pay raise following a stellar year for the bank, reporting record profits of nearly $50 billion, outperforming its industry peers.
In an official filing on Thursday, JPMorgan declared, "The 2023 annual compensation mirrors Mr. Dimon's leadership of the company, showcasing growth in all its market-leading business segments, record-breaking financial results, and a robust balance sheet."
The $36 million comprises a $1.5 million base salary and a $34.5 million bonus, the majority of which is paid in stock.
Dimon, aged 67, witnessed an increase from $34.5 million in 2022. Notably, his top executives also received salary boosts in the past year. JPMorgan President Daniel Pinto’s pay rose approximately 5% to $30 million, while co-heads of the consumer business, Jennifer Piepszak and Marianne Lake, were paid $18.5 million each, up almost 6%.
Jamie Dimon consistently ranks among the highest-paid CEOs in large US banks, with Forbes estimating his net worth at around $1.9 billion, a substantial portion of which is tied up in JPMorgan stock.
Dimon, who had refrained from selling any JPMorgan shares for almost two decades, announced plans last year to sell a portion of his stock, potentially yielding over $140 million.
While his pay at JPMorgan has often been a point of contention for shareholders, two years ago, investors expressed disapproval of a one-off special award to Dimon, projected to be valued at about $50 million over several years. In a non-binding “say on pay” vote at the bank’s annual investor meeting in 2022, a majority of shareholders voted against the proposed pay plan.
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