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January 27, 2014

JPMorgan gives CEO Jamie Dimon 74 percent raise despite bank’s legal troubles

“Jamie Dimon can do no wrong — at least in the eyes of his board.

“Even though JPMorgan Chase handed the government more than $20 billion to settle an array of charges in 2013, the board of directors still raised the chief executive’s pay by 74 percent, according to a regulatory filing released Friday.

“The board voted to award Dimon $18.5 million in restricted stock that will vest over the next three years. Coupled with his base salary of $1.5 million, which remained unchanged from the previous year, Dimon’s total compensation last year was $20 million.”

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“One of the factors the board took into account in determining Dimon’s compensation was the “steps the company has taken to resolve” the “regulatory issues the company has faced,” according to the filing. The bank said members of the board also considered JPMorgan’s “sustained long-term performance,” as well as “gains in market share.”

“Indeed, JPMorgan’s stock price soared 33 percent to $58.48 in 2013, beating the gains of the Standard & Poor’s 500 index, which climbed nearly 30 percent.

“Stock price is not the right measurement for evaluating illegal conduct of a company,” said Dennis Kelleher, chief executive of Better Markets, which advocates for financial reform. “A company could engage in massive illegal conduct, which can be very rewarding for the company and good for its stockholders. And that’s what we’ve seen here.”

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Read full Washington Post article here

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