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JPMorgan Chase boosted longtime CEO Jamie Dimon’s pay by 8 percent to $39 million last year, his highest compensation at a U.S. bank.
Salary increase for Dimonthe longest-serving CEO among America’s biggest banks, was roughly double what he was paid in 2023.
JPMorgan posted a record annual profit last year, with the New York-based group’s trading and investment banking divisions posting top results in the fourth quarter. The bank’s shares are up 41 percent in 2024, in line with other big lenders.
“The 2024 annual fee reflects Mr. Dimon’s management of the company,” JPMorgan said in a regulatory filing late Thursday.
Dimon’s 2024 pay package included a $1.5 million salary, a $5 million bonus in cash and the rest in restricted stock. The $39 million compensation matches that of Goldman Sachs CEO David Solomon, who received a 26 percent raise.
Dimon, 68, has led America’s largest bank since 2006, through the 2008 financial crisis that reshaped the industry and other periods of turmoil such as the coronavirus pandemic.
JPMorgan awarded Dimon a $50 million retention bonus in 2021 that would tie him to the bank until at least mid-2026.
The Wall Street group also handed out double-digit pay raises to other top executives last year.
Jennifer Piepszakwho was named JPMorgan’s chief operating officer earlier this month, was paid $21.5 million, a 16 percent increase over 2023. Daniel Pinto, whom Piepszak is replacing as chief operating officer, received a 5 percent raise to $31.5 million .
Marianne Lake, who heads JPMorgan’s retail bank, also got a 16 percent raise to $21.5 million. Lake is considered among the top contenders to one day replace Dimon. Piepszak said at the time of her promotion that she was not interested in the JPMorgan leadership position.
Doug Petno, who is one of the heads of commercial and investment bank JPMorgan and is also considered a candidate to replace Dimon, received a 21 percent increase in pay to $20 million for the past year.
