Wall Street banking giant JPMorgan has awarded its chief executive Jamie Dimon $31 million in total compensation for his work in 2018. The pay exceeds his record compensation of $30 million in 2007 before the financial crisis.
It’s a 5.1 percent increase from 2017 as the bank raked in a record profit last year. Dimon’s pay package included $24.5 million of restricted stock tied to performance, an annual base salary of $1.5 million and a $5 million cash bonus, the New York-based bank said in a regulatory filing. It explained that board members have approved Dimon’s compensation based on the bank’s “strong performance in 2018.”
This week, JPMorgan reported a $32.5 billion annual profit for 2018, the biggest yet in US banking history. The bank’s performance was buoyed by corporate tax cuts, rising interest rates and growth in the firm’s credit-card business.
Dimon, the 62-year-old billionaire banker, has been at the helm since the end of 2005. He has previously said that he plans to stay in the top job at the largest US investment bank for about five more years.