JPMorgan CEO Jamie Dimon gets pay hiked to US$31m after record year

NEW YORK (BLOOMBERG) – JPMorgan Chase & Co awarded chief executive officer Jamie Dimon US$31 million in total compensation for his work in 2018, a 5.1 per cent bump after his bank posted record profit.

Dimon’s pay package included US$24.5 million of restricted stock tied to performance, an annual base salary of $1.5 million and a US$5 million cash bonus, the New York-based bank said Thursday in a regulatory filing.

JPMorgan notched the highest profit in US banking history in 2018 with US$32.5 billion, spurred by corporate tax cuts, rising interest rates and growth in the firm’s credit-card business. Dimon is also overseeing the lender’s plans to expand its branch network into new states for the first time in more than a decade and the building of a new Manhattan headquarters.

Dimon said last January he plans to stay in the top job at the largest US lender for about five more years. He’s run the company since the end of 2005 and is the last of a generation of CEOs that steered banks through the financial crisis.

It was the second-biggest pay package the 62-year-old billionaire banker has received since he became CEO, only trailing his US$49.9 million of reported compensation for 2007.

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