CEO gets $31.5 million for JPMorgan’s strong year
JPMorgan Chase & Co chief executive officer Jamie Dimon got a half-million-dollar raise for 2019, bringing his total compensation for the year to $31.5 million, the company said in a filing on Thursday.
That was a 1.6% increase from the $31 million he received for 2018.
JPMorgan said it was based on its strong performance last year and “over the long term,” according to the filing.
The bank said its board of directors considered the bank’s business results, risk controls and conduct, client, customer and stakeholder focus and teamwork and leadership when determining Dimon’s pay.
Under Dimon, JPMorgan reported net income of $36.4 billion for 2019, up from $32.5 billion a year earlier, and a return on tangible common equity of 19%, up from 17% in 2018.
Dimon’s raise stands in contrast to the pay cut that Morgan Stanley’s board delivered to its CEO, James Gorman, reducing his pay by 7% for 2019 as the bank trimmed incentive compensation firm-wide in an effort to reduce expenses.
Even so, Gorman is richly compensated, receiving $27 million for 2019. “Dimon’s pay package includes $25 million of restricted stock tied to performance, an annual base salary of $1.5 million and a $5 million cash bonus,’’ the New York-based bank said.
The bank also disclosed awards of restricted stock units to other top executives indicating their compensation.
Gordon Smith, co-president and CEO of consumer & community banking, and Daniel Pinto, co-president and CEO of the corporate & investment bank, each received $22.5 million in total compensation, up 2.3% from a year ago.
Mary Erdoes, CEO for asset & wealth management, received $21 million, up 2.4%. Marianne Lake, CEO of consumer lending, received more than $15.3 million, up 2.3%. Doug Petno, CEO for commercial banking, received more than $13 million, up 2.4%.
Chief financial officer Jennifer Piepszak received $10 million in total compensation.