Amid Record Bank Earnings, Jamie Dimon’s Salary Rises To $31.5 Million In 2019
Topline: After J.P. Morgan set new revenue and inventory worth information in 2019, America’s greatest financial institution subsequently raised the wage for its CEO, Jamie Dimon, to $31.5 million—making it seemingly that he’ll once more be the very best paid big-bank government within the U.S.
- The J.P. Morgan Chase CEO/s compensation amounted to $1.5 million in base wage and $30 million from performance-based incentives—together with $5 million in money and $25 million in inventory compensation, in keeping with a brand new submitting launched late on Thursday.
- J.P. Morgan posted a report revenue of $36.Four billion in 2019, greater than any financial institution in historical past and a 12% enhance from the yr earlier than, serving to the inventory rise 43% to finish the yr at an all-time excessive of just about $140 per share.
- Due to his position overseeing the financial institution’s profitable run final yr, Jamie Dimon seems set to stay the highest-paid CEO within the banking business, in keeping with the Wall Road Journal.
- In 2018, Dimon acquired a complete compensation package deal of $31 million, whereas his closest competitor was Morgan Stanley CEO James Gorman, with a $29 million wage.
- Whereas most huge banks are but to reveal CEO pay for 2019, few can match Chase’s banner yr: Morgan Stanley not too long adisclosed that it lower Gorman’s wage by 7% to $27 million, after its shares underperformed rivals.
- After many years working a number of the greatest lenders within the U.S., Dimon is without doubt one of the few billionaires in banking, with a internet price of $1.7 billion, in keeping with Forbes.
Tangent: Though Jamie Dimon has beforehand criticized wealth inequality, he additionally noticeably averted questions on his personal hefty wage final yr.
Huge quantity: Between 1991 and 2015, Dimon has been paid $115 million in wage alone, Bloomberg reported.
Key background: J.P. Morgan Chase inventory surged after stellar fourth-quarter earnings, which added hundreds of thousands to Dimon’s fortune. The financial institution trounced Wall Road forecasts, asserting earnings of $2.57 per share, considerably larger than the $2.36 anticipated by analysts.
General income rose over 4% from a yr earlier, to a report of just about $28 billion due to a rebound in buying and selling income. “JP Morgan Chase produced strong results in the fourth quarter of 2019, capping off a solid year for the firm where we achieved many records, including record revenue and net income,” Dimon stated in an earnings launch.