Jamie Dimon paid $20M after JPMorgan pays $20B in fines
CEO pay packet doubles despite a year of fines by regulators
The CEO of JPMorgan saw his pay packet almost doubled in 2013 to $20 million US last year, despite steering the bank through a year in which it paid almost $20 billion in regulatory fines.
JPMorgan revealed in a filing Friday that CEO Jamie Dimon was paid a base salary of $1.5 million but was also granted $18.5 million in stocks that will vest over the next three years.
The $20 million total is closer to his usual pay packet, after the board voted to strip his compensation by almost half to $11.5 million for 2012.
Stock rose 25% last year
Dimon stickhandled the bank through a rocky 2013 that saw it pay out more than $1 billion in fines related to mortgage foreclosures, $400 million for improper activities in the energy markets of several states, almost $1 billion related to the "London Whale" scandal and $13 billion related to mortgage lending activities during the financial crisis at banks it now owns.
In total, the bank set aside almost $23 billion to settle various regulatory and legal actions against it last year, the bank said in a filing recently.
Amid all that, JPMorgan shares gained more than 26 per cent on the NYSE under Dimon's watch through 2013.
"Mr. Dimon’s total annual compensation for 2013 was $20 million, compared to $11.5 million for 2012, $23 million for 2011 and 2010 and $15.2 million for 2009," the bank said. "For 2008, Mr. Dimon received no incentive compensation."
JPMorgan's Wall Street rivals have yet to disclose their executive compensation.