JPMorgan CEO Jamie Dimon will be taking home $US20 million in compensation for 2013, according to a securities filing just released by the bank.
For 2012, Dimon took a huge pay cut when he earned $US11.5 million following the “London Whale” trade debacle.
In the last year, JPMorgan Chase has been fined billions for various legal issues ranging from mortgage-backed securities sold during the financial crisis to failing to do due diligence on Bernie Madoff.
Here’s the 8-K (emphasis ours):
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Company”) announced today that the independent members of the Board of Directors (the “Board”) have approved 2013 incentive compensation for Jamie Dimon, Chairman and Chief Executive Officer, in the amount of $US18.5 million — all in the form of Restricted Stock Units (“RSUs”). The RSUs vest over three years — 50% after two years and 50% after three years, thus tying Mr. Dimon’s 2013 compensation to the Company’s future performance, including continued progress on the Company’s regulatory agenda.
In determining Mr. Dimon’s compensation, the independent members of the Board took into account several key factors, among them: the Company’s sustained long-term performance; gains in market share and customer satisfaction; and the regulatory issues the Company has faced and the steps the Company has taken to resolve those issues, including those arising from events at Washington Mutual and Bear Stearns that predated the Company’s ownership. Under Mr. Dimon’s stewardship, the Company has fortified its control infrastructure and processes and strengthened each of its key businesses while continuing to focus on strengthening the Company’s leadership capabilities across all levels.
With a base salary of $US1.5 million (flat with the prior year), Mr. Dimon’s total annual compensation for 2013 was $US20 million, compared to $US11.5 million for 2012, $US23 million for 2011 and 2010 and $US15.2 million for 2009. For 2008, Mr. Dimon received no incentive compensation.