JPMorgan Chase & Co. is paying Chief Executive Jamie Dimon $34.5 million for a record-breaking 2021, $3 million more than he made in the previous two years.
The nation’s biggest bank reported $48.3 billion in net income last year, a 66% increase from the prior year and a third more than the old record. The stock rose 25%, but underperformed the S&P 500 and the KBW Nasdaq Bank Index.
The JPMorgan /zigman2/quotes/205971034/composite JPM +3.31% board had also awarded Dimon a $50 million special bonus earlier in 2021 outside of the annual pay to entice him into staying at the bank for at least five more years. Dimon, 65, has been CEO since 2005 and has long batted away talk of leaving by promising to stay five more years.
Heading into 2022, Dimon has fresh changes among his top lieutenants and those who could be potential successors. Daniel Pinto, who runs the corporate and investment bank, is now the sole president and operating chief following the retirement of Gordon Smith. Marianne Lake and Jennifer Piepszak are now co-heads of the consumer bank.
Dimon’s base salary has been at $1.5 million since 2011. He also gets a cash bonus, this year for $5 million. The bulk of his pay is in restricted stock units that can’t be cashed in for several years and depend on performance.
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