The Chief executive officer of J.P. Morgan and Chase Co(JPM)., Jamie Dimon has just got a salary increase. His salary was raised by 1.6% to $31.5 million following his effort in 2019 after the bank reported that earnings and shares of the company surged.
According to a filing released on Thursday (Jan. 23), Jamie Dimon’s compensation package comprises of $1.5 million in salary and $30 million in performance-based incentive. The filing further disclosed that from the $30 million in incentives, $5 million will be issued in cash, while the remaining $25 million will come in the form of stock compensation.
J.P. Morgan and Chase Co. is the biggest bank based on assets and the bank had great returns for 2019. It generated $36.4 billion in profit for 2019 alone. This figure was greater than that which any bank has had in history; and the bank's shares climbed by more than 40%, exceeding its rivals and the broader indexes. J.P. Morgan and Co. also gained market share across retail banking as well as institutional businesses.
Just last week, Jamie Dimon revealed that he still wants to run J.P. Morgan for another five years. This means he would love to step down in 2025.
This revelation makes Jamie Dimon the second CEO of a big United States bank to disclose his pay for last year. In 2019, Morgan Stanley disclosed that it was paying its CEO, James Gorman $27 million, which was a 7% cut after the bank's shares underperformed some of its rivals.
Jamie Dimon and his move to J.P. Morgan and Chase Co.
American billionaire and business executive, Jamie Dimon was born on the 13th of March, 1956. He is the current chairman and CEO of J.P. Morgan and Chase Co., which is regarded as the largest of the big four American Banks. Previously, he worked as a member of the board of directors of the Federal Reserve Bank of New York. In Time magazine's list of the world's most influential people, Jamie Dimon was mentioned in 2006, 2008, 2009 and 2011, respectively.
Dimon became CEO of Bank One in 2000, however, when J.P. Morgan acquired Bank One in 2004, he became the president and COO of the combined company. He was named CEO of J.P. Morgan on Dec. 31, 2005, and named chairman and president exactly a year later. Under the leadership of Dimon, J.P. Morgan became the leading U.S. bank in domestic assets under management, market cap. value and publicly traded funds. In 2009, he was considered as one of the TopGun CEOs by an advisory agency, Brendan Wood International.
Being one of the few bank CEOs to become a billionaire, he has about $485 million in J.P. Morgan and Chase Co. He has been compensated severally for his performance at J.P. Morgan and Chase Co. For the 2011 fiscal year, he got a pay package of $23 million. For the 2013 fiscal year, he received a $20 million compensation. In 2017, he received $29.5 million and currently a 1.6% pay rise to $31.5 million has been disclosed.