Jamie Dimon gets $31.5M for JPMorgan's strong year

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JPMorgan Chase awarded Chief Executive Jamie Dimon $31.5 million in total compensation for his work in 2019, a 1.6% jump after his bank posted record profit for the second year in a row.

The 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 Thursday in a regulatory filing. Dimon has run the company since the end of 2005 and is the last of the CEOs who steered banks through the financial crisis.

JPMorgan notched the highest profit in U.S. banking history for the second year in a row in 2019 with $36.4 billion, spurred by corporate tax cuts, growth in credit cards and a rebound in bond trading.

A spokesman also broke out pay for other executives. Daniel Pinto, who leads the corporate and investment bank, received total compensation of $22.5 million, and Gordon Smith, who runs the consumer bank, earned the same amount. The pay packages for Pinto, Smith and executives Mary Erdoes, Marianne Lake and Doug Petno each increased by 2.3% to 2.4%.

Dimon, 63, often jokes that he plans to remain CEO for another five years. He repeated the joke last week on a call with reporters. He has been the best paid of the major U.S. bank CEOs since 2016 and is the second of that group to disclose 2019 pay.

Morgan Stanley said last week it cut CEO James Gorman’s compensation by 7% to $27 million, even after the bank had its most profitable year on record.

Bloomberg News
Compensation GSIBs Corporate governance Jamie Dimon JPMorgan Chase