JPMorgan raises boss Dimon’s pay to $31 million, topping pre-crisis record

Wall Street banking large JPMorgan has awarded its chief govt Jamie Dimon $31 million in complete compensation for his work in 2018. The pay exceeds his record compensation of $30 million in 2007 earlier than the monetary disaster.

It’s a 5.1 p.c improve from 2017 because the financial institution raked in a record revenue final yr. Dimon’s pay package deal included $24.5 million of restricted inventory tied to efficiency, an annual base wage of $1.5 million and a $5 million money bonus, the New York-based financial institution stated in a regulatory submitting. It defined that board members have authorised Dimon’s compensation primarily based on the financial institution’s “strong performance in 2018.”

This week, JPMorgan reported a $32.5 billion annual revenue for 2018, the most important but in US banking historical past. The financial institution’s efficiency was buoyed by company tax cuts, rising rates of interest and progress within the agency’s credit-card enterprise.

Dimon, the 62-year-old billionaire banker, has been on the helm for the reason that finish of 2005. He has beforehand stated that he plans to keep within the prime job on the largest US funding financial institution for about 5 extra years.

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