- JPMorgan’s CEO Jamie Dimon earned $US31.5 million from the baking giant in 2020, it announced on Thursday.
- He received a $US1.5 million salary, $US5 million cash bonus, and $US25 million of restricted stock tied to performance.
- Dimon has repeatedly said that income inequality is a massive problem in the US.
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JPMorgan’s CEO Jamie Dimon, who in 2019 decried income inequality, was paid $US31.5 million in 2020, the bank announced on Thursday.
JPMorgan paid Dimon a salary of $US1.5 million, as well as a $US5 million cash bonus and $US25 million of restricted stock tied to performance, according to a regulatory filing. He was also paid $US31.5 million in 2019, Reuters reported, which was a 1.6% increase from the $US31 million he received in 2018.
The company smashed past analyst predictions for its 2020 fourth-quarter earnings and revenue per employee surged 22% during the year â€” but it spent an average of only 1% more on each employee in 2020, Bloomberg reported. Wall Street banks increased average pay per employee by just $US271 over the year, the report said.
JPMorgan’s fourth-quarter earnings, released January 15, showed a revenue of $US30.2 billion versus analysts’ estimates of $US28.7 billion. The banking giant’s net income rose by 42% to $US12.14 billion, driven by its release of $US2.9 billion in credit reserves.
Dimon, who has a net worth of $US1.7 billion, warned in an interview on CBS’ 60 Minutes in November 2019 that the wage gap between the rich and the poor was a “huge problem” and that people were being “left behind.”
After being asked whether his salary was too high and if he would return some of it, Dimon responded: “I could. Is that gonna solve any of those problems?”
“Last year, you were paid $31 million. Too high?”
JPMorgan Chase Chairman and CEO Jamie Dimon says he thinks the wealth gap in America is a “huge problem,” but he passed the buck when asked about his salary. https://t.co/Vry0mGV1Pv pic.twitter.com/UHULrxmuTb
— 60 Minutes (@60Minutes) November 11, 2019
“I don’t want to be a tone deaf CEO,” Dimon said at the time. “While the company is doing fine, it is absolutely obvious that a big chunk of [people] have been left behind.
“40% of Americans make less than $US15 an hour. 40% of Americans can’t afford a $US400 bill, whether it’s medical or fixing their car. 15% of Americans make minimum wages, 70,000 die from opioids [annually],” he told CNBC.
Speaking at an event in 2018, Dimon claimed that he could “beat Trump” in an election. He also took a stab at President Donald Trump’s personal wealth.
“And by the way, this wealthy New Yorker actually earned his money,” Dimon said, referring to himself. “It wasn’t a gift from daddy.”
Insider has approached JP Morgan for a comment from Dimon.