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January 27, 2014

JPMorgan board gives CEO Dimon a 74% pay hike

“Financial services giant JPMorgan, hit with $20 billion in legal fines, settlements and related costs in 2013, provided CEO Jamie Dimon $20 million in compensation last year, a 74% jump from 2012.

“Dimon, who earned $11.5 million in 2012, received $18.5 million in restricted shares and $1.5 million in salary last year, according to a Securities and Exchange Commission filing Friday. It was Dimon’s highest compensation package since 2011, when he received $23 million from the nation’s largest bank.

“Dimon’s compensation package came under immediate fire from critics of the bank’s missteps in mortgage lending, credit card sales and even overseeing the bank accounts of Bernard Madoff’s $17 billion Ponzi scheme.”

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“The usual metrics for pay should be ignored for the CEO of a company that has settled multiple, egregious, firm wide illegal activities,” said Dennis Kelleher, president of Better Markets, a shareholder advocacy group. “But no one should be surprised that a board handpicked by Jamie Dimon is giving Jamie Dimon a big raise.”

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Read full USA Today article here

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