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January 27, 2014

JPMorgan Seen Paying Dimon $34 Million Options Delayed by Whale

JPMorgan Chase & Co. (JPM:US) Chief Executive Officer Jamie Dimon, who got a 74 percent raise for his work in 2013, stands to reap a separate and bigger payday within months.

“The bank’s board of directors, having delayed a decision for more than a year, has yet to say whether Dimon, 57, can collect 2 million stock options originally granted in 2008 and now worth about $34 million. Last week, the board increased his annual pay to $20 million from $11.5 million a year ago, when he was penalized for faulty oversight of botched derivatives bets.

“After Dimon’s incentive package was created six years ago, JPMorgan grew to become the nation’s largest bank with shares outperforming the industry, and then snapped a three-year run of record profits as costs from government probes surged. The board’s decision to boost Dimon’s annual pay despite mounting legal settlements shows he probably will get the full options award, said Alan Johnson, founder of compensation-consulting firm Johnson Associates Inc.”

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“This board should be embarrassed and ashamed to reward this CEO after the year this bank just had,” said Dennis Kelleher, president of Washington-based Better Markets Inc., a nonprofit group that supports stricter financial regulation, and a former chief counsel to the chairman of the Senate Democratic Policy Committee.”

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Read full Bloomberg article here

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