Financial news

Dimon’s pay rose to $31.5m in 2019

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Via Financial Times

JPMorgan Chase chief executive Jamie Dimon was paid $31.5m for 2019, up 1.6 per cent on his pay a year, putting him on course to be Wall Street’s best paid bank boss for the fifth year in a row.

Details of Mr Dimon’s pay packet were revealed in regulatory filings the week after his bank reported its highest ever annual profits and revenue.

The 63-year-old was paid an unchanged salary of $1.5m, plus a cash bonus of $5m and ‘performance share units’ (PSU) valued at around $25m today.

The ultimate value of the PSUs will depend on the bank’s performance between now and when they convert into shares, in three years time.

JPMorgan’s shares rose more than 40 per cent last year, better than the 29 per cent increase in the broader S&P 500, but a smaller rise than Bank of America and Citigroup.

Mr Dimon’s 2019 pay is 236 times the average $133,000 compensation across the company’s almost 257,000 employees.

Mr Dimon regularly tops the polls as Wall Street’s best paid banker, including last year when his $31m package was $2m above the industry’s next best paid chief executive Morgan Stanley boss James Gorman.

Morgan Stanley last week said Mr Gorman’s 2019 pay was $27m, down 7 per cent year-on-year, even as the bank reported record revenues and net income for the year.

Mr Dimon has led JPMorgan for fourteen years, making him Wall Street’s longest serving bank CEO. In 2018 he said he would stay in his current role for “approximately five more years” but last week he told told journalists he was still “five years” away from retiring.

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JPMorgan’s co-presidents Daniel Pinto and Gordon Smith were the next best paid executives, each paid $22.5m, up 2.3 per cent on 2018’s.

Asset and wealth management boss Mary Erdoes was awarded $21m, up 2.4 per cent, consumer lending boss Marianne Lake made $15.3m, up 2.3 per cent, commercial bank boss Doug Petno earned $13.05m, up 2.4 per cent, and new chief financial officer Jenn Piepszak was paid $10m.

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