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JPMorgan Chase raised the salary of long-serving CEO Jamie Dimon by 8 percent to $39 million last year, the largest pay he has ever earned at a US bank.
High pay for Damonthe longest-serving CEO among the largest U.S. banks, had nearly double his bonus in 2023.
JP Morgan It posted record annual profits last year, with the group's New York-based commercial and investment banking units reporting strong fourth-quarter performance. The bank's shares rose 41 percent in 2024, in line with other major lenders.
“The 2024 annual compensation reflects Mr. Dimon's stewardship of the company,” JPMorgan said in a regulatory filing late Thursday.
Dimon's 2024 salary package includes a $1.5 million salary, a $5 million cash bonus, and the rest in restricted stock. The $39 million bonus matches that of Goldman Sachs CEO David Solomon, who received a 26 percent raise.
Dimon, 68, has run America's largest bank since 2006, seeing it through the 2008 financial crisis that reshaped the industry and other periods of turmoil such as the coronavirus pandemic.
JPMorgan in 2021 gave Dimon a $50 million retention bonus 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 appointed earlier this month as JPMorgan's chief operating officer, received $21.5 million, a 16 percent increase from 2023. Daniel Pinto, who will replace Bebczak as chief operating officer, received a 5 percent raise. percent to $31.5 million.
Marian Lake, who runs JP Morgan's retail bank, also received a 16 percent raise to $21.5 million. Lake is considered among the top contenders to one day replace Damon. At the time of her promotion, Bebczak said she was not interested in the top job at JPMorgan.
Doug Pitno, co-head of JPMorgan's commercial and investment bank who is also seen as a contender to replace Dimon, received a 21 percent pay raise to $20 million from last year.
