“Last Thursday night in Davos, James Dimon was in a good mood. At a reception his bank held during the World Economic Forum, the J.P. Morgan Chase & Co. chairman and chief executive officer cracked jokes, ribbed his interlocutors with probing questions and silenced aides who interrupted him.

“Mr. Dimon is often ebullient, so the reasons for his Alpine cheer are difficult to pinpoint. But during the party, he knew something most of the attendees didn’t: He was about to get a big pay raise for 2013.

“Friday’s news—of a 74% raise for Mr. Dimon in a year in which the bank reported its first quarterly loss in nine years and paid more than $20 billion in fines and other legal costs—got tongues wagging.

“Is the $20 million received by Mr. Dimon a fair reward for steering the bank through treacherous waters? Or does it highlight the board’s failure to recognize that the buck for the company’s troubles stops at the corner office?”

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