Tags: dimon | jpmorgan | bank

JPMorgan CEO Got $23 Million Pay Package in 2011

Wednesday, 04 April 2012 05:21 PM

PMorgan Chase & Co., the largest and most profitable U.S. bank, gave Chairman and Chief Executive Officer Jamie Dimon $23 million in pay and bonuses for 2011, about the same as the previous year.

Dimon’s base salary was raised to $1.5 million beginning in March 2011 from $1 million and he received $17 million in restricted stock and options for his performance in 2011, down from $17.4 million the previous year, according to a proxy statement on the bank’s website. His cash bonus was $4.5 million, down from $5 million in 2010, the New York-based firm said.

JPMorgan capped its second straight year of record profit in 2011 with $19 billion in net income. The European sovereign- debt crisis, mortgage losses and litigation weighed on the company’s shares, which slumped 22 percent for the year -- beating the 25 percent drop by the 24-company KBW Bank Index.

Dimon, 56, received restricted shares valued at $12 million, according to the proxy. He also received options valued at $5 million, based on the company’s calculations.

The CEO took a salary of $1 million for 2009 and gave up bonuses that year and in 2008 after receiving $49.9 million in total compensation for 2007. Dimon and his wife control almost 5.2 million shares valued at more than $209 million as of March 2, when his total holdings were last disclosed.

Dimon is among the nation’s best-paid bankers. Bank of America Corp., the second-largest U.S. lender by assets, cut CEO Brian T. Moynihan’s 2011 total compensation 30 percent to $7 million. Citigroup Inc., ranked third, awarded CEO Vikram Pandit $14.9 million.

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Wednesday, 04 April 2012 05:21 PM
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