JPMorgan Chase

JP Morgan head Jamie Dimon paid US$20m for 2013 despite fines

PUBLISHED : Sunday, 26 January, 2014, 5:29am
UPDATED : Sunday, 26 January, 2014, 5:29am

JPMorgan Chase head Jamie Dimon's pay nearly doubled to US$20 million for 2013, despite the bank being forced to pay out billions to resolve legal and regulatory cases arising under his tenure.

According to a filing on Friday, JPMorgan said Dimon would receive a 2013 bonus of US$18.5 million worth of restricted stock to be vested over the next three years, "tying Mr Dimon's 2013 compensation to the company's future performance, including continued progress on the company's regulatory agenda".

The base salary for Dimon, JPMorgan's chairman and chief executive, was US$1.5 million, unchanged from 2012.

His total compensation was US$20 million compared with US$11.5 million in 2012. In 2011 and 2010, Dimon received an annual pay package of US$23 million, up from US$15.2 million for 2009.

The JPMorgan board decided his 2013 compensation based on "the company's sustained long-term performance".

The largest US bank by assets paid a record US$20 billion in legal and regulatory fines and settlements last year.

Additional reporting by Bloomberg