Amid Record Bank Income, Jamie Dimon’s Salary Rises To $31.5 Million In 2019
Topline: After J.P. Morgan set new revenue and inventory worth data in 2019, America’s largest financial institution subsequently raised the wage for its CEO, Jamie Dimon, to $31.5 million—making it probably 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 response to a brand new submitting launched late on Thursday.
- J.P. Morgan posted a document revenue of $36.Four billion in 2019, greater than any financial institution in historical past and a 12% enhance from the 12 months earlier than, serving to the inventory rise 43% to finish the 12 months at an all-time excessive of virtually $140 per share.
- Because of his position overseeing the financial institution’s profitable run final 12 months, Jamie Dimon seems to be set to stay the highest-paid CEO within the banking business, in response to the Wall Avenue 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 massive banks are but to reveal CEO pay for 2019, few can match Chase’s banner 12 months: Morgan Stanley lately disclosed that it lower Gorman’s wage by 7% to $27 million, after its shares underperformed rivals.
- After a long time working a few of the largest lenders within the U.S., Dimon is likely one of the few billionaires in banking, with a web price of $1.7 billion, in response to Forbes.
Tangent: Though Jamie Dimon has beforehand criticized wealth inequality, he additionally noticeably averted questions on his personal hefty wage final 12 months.
Massive 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 thousands and thousands to Dimon’s fortune. The financial institution trounced Wall Avenue forecasts, saying earnings of $2.57 per share, considerably larger than the $2.36 anticipated by analysts. General income rose over 4% from a 12 months earlier, to a document of virtually $28 billion because of 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.