As per JP Morgan’s regulatory filing on 18 January 2024, the organisation’s board has decided to grant $1.5 million dollar and $34.5 million in performance-based incentive compensation to Jamie Dimon, CEO, JP Morgan.
Dimon has been leading JP Morgan for over 19 years, making him the CEO with the longest tenure among major banks. He’s known for being one of the highest-paid CEOs in his industry.
Recently, in October, JPMorgan, based in New York, shared in a document that Dimon plans to sell 1 million of the bank’s shares. This is the first time he has done this since taking charge of the Wall Street giant. The reason behind this move is to diversify his financial holdings and plan for taxes.
In 2021, the board offered him a special incentive package valued at over $50 million to stay on until at least 2026.
The board stated in the filing that Dimon has consistently grown the company, retained market leadership, enhanced the firm’s reputation, invested in future opportunities, advocated for diversity and best practices, effectively managed risks, developed strong leaders and maintained a steadfast focus on serving clients.
JPMorgan made $49.6 billion last year, thanks to the Federal Reserve raising interest rates and the bank’s acquisition of First Republic Bank in a government auction. The company’s shares increased by 27 per cent during the year, outperforming all its major competitors.
For the year 2023, JPMorgan Chase increased Dimon’s salary to $36 million. This was a record-breaking year for the bank, marking the highest profit ever recorded in the history of American banking.