By Nupur Anand
NEW YORK (Reuters) -JPMorgan Chase CEO Jamie Dimon’s compensation climbed about 4.3% to $36 million for 2023, the bank said on Thursday.
The head of the largest U.S. lender was paid $34.5 million in both 2022 and 2021 against a backdrop of economic uncertainty, geopolitical tensions and the lingering effects of the COVID-19 pandemic.
Dimon’s 2023 pay package included a base salary of $1.5 million and a $34.5 million performance bonus that comprises $5 million in cash and $29.5 million in stock, according to a regulatory filing.
“The annual compensation for 2023 reflects Dimon’s stewardship of the firm, with growth across all of its market leading lines of business, record financial results and a fortress balance sheet,” the bank’s board said in the filing.
“In addition, the firm successfully navigated and supported its clients and customers through the regional bank turmoil as well as completed the acquisition of First Republic,” it added.
JPMorgan reported its biggest-ever annual profit last year. After acquiring failed First Republic Bank in May, its net interest income – the difference between what banks make on loans and pay out on deposits – surged to record levels.
Dimon, 67, has run JPMorgan since 2005. His estimated net worth is $1.7 billion, according to Forbes.
Dimon and his family intend to sell 1 million of their 8.6 million shares, the lender said in October.
The decision to sell stock was not related to leadership succession and Dimon had no current plans to sell more stock, but could consider doing so in the future, a company spokesperson said at the time.
Some other key JPMorgan executives received a pay hike of more than 5% in 2023. Here are the details:
Name Title Compensation Percentage Compensation
in 2023 increase in 2022
Daniel COO and $30 million 5.3% $28.5
Pinto President million
Mary Asset and $27 million 5.9% $25.5
Callahan Wealth million
Erdoes Managemen
t CEO
Marianne Co-CEO, $18.5 million 5.7% $17.5
Lake Consumer million
and
Community
Banking
Jennifer Co-CEO, $18.5 million 5.7% $17.5
Piepszak Consumer million
and
Community
Banking
(Reporting by Nupur Anand in New York and Arasu Kannagi Basil in Bengaluru; Editing by Lananh Nguyen, Marguerita Choy and Jamie Freed)
