JPMorgan boosts Jamie Dimon’s pay to US$39 million after record profit

JPMORGAN Chase lifted chief executive officer Jamie Dimon’s pay to US$39 million for 2024, a year in which the biggest US bank beat its own record for the highest annual profit in the history of American banking.

The board granted Dimon a US$1.5 million salary and US$37.5 million of performance-based incentive compensation, according to a regulatory filing. His pay is up 8.3 per cent from 2023, when he earned US$36 million.

“During the year, under Dimon’s stewardship, the firm continued to serve clients and customers against a dynamic global macro backdrop characterised by ongoing geopolitical tensions and economic uncertainty,” the board said in the filing.

Dimon, 68, has run JPMorgan for nearly two decades, building it into the biggest US bank. The lender had US$58.5 billion in profit last year, a period in which the stock rose 41 per cent.

The firm also said that, as with last year, Dimon and his family plan to sell about one million shares “for financial diversification and tax-planning purposes”. The billionaire CEO and his family currently hold roughly 7.5 million shares.

The question of when Dimon will retire, and who might succeed him, has hung over JPMorgan for years. Dimon recently abandoned a longtime joke that retirement was five years away, no matter when asked. The firm shuffled its top ranks last week for the second time in a year.

“As part of their evaluation and determination, the board considered Dimon’s continued development of top executives to lead for today and the future,” the board wrote in the filing.

JPMorgan is the second major bank to announce CEO pay for 2024. Goldman Sachs awarded CEO David Solomon US$39 million, up 26 per cent from a year earlier, and also handed him and president John Waldron retention awards valued at US$80 million each to entice them to stick around. BLOOMBERG

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