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JPMorgan boosts CEO's pay to $20 million

Robin Hood Foundation Investor's Conference
NEW YORK (AP) -- JPMorgan Chase almost doubled Chairman and CEO Jamie Dimon's pay for 2013, rewarding the executive for settling probes against the bank.

Dimon will receive total compensation of $20 million in 2013, consisting of $18.5 million in stock options and a base salary of $1.5 million, the bank said in a statement Friday.

That compares with total compensation of $11.5 million a year earlier, down from $23 million in each of the previous two years.

The bank says it took several factors into account when deciding on Dimon's pay, including the "sustained long-term performance" of the bank, gains in market share and customer satisfaction as well as his handling of the legal issues facing the lender.

JPMorgan agreed in November to pay $13 billion in a settlement with the Department of Justice and acknowledged that it misled investors about the quality of risky mortgage-backed securities ahead of the 2008 financial crisis. The bank was among the major lenders that sold mortgage-backed securities that plunged in value when the housing market collapsed in 2006 and 2007.

Earlier this month, the bank reached an agreement to pay $1.7 billion to settle criminal charges stemming from its failure to report its concerns about Wall Street swindler Bernard Madoff's private investment service.

JPMorgan Chase & Co.'s stock price climbed $14.51, or 33 percent, to $58.48 in 2013, a bigger gain than Standard & Poor's 500 index, which rose almost 30 percent.

The bank's net income fell 16 percent to $17.9 billion in 2013, from $21.3 billion a year earlier.

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knchamberlain3 January 25 2014 at 1:21 PM

So while this guy makes an obscene amount of money, his company is being massively incompetent. In over two weeks and five requests, Chase was unable to produce a simple payoff for my home and I lost an all cash buyer for my home. I plan on filing a formal complaint with the proper government agency and suing them.

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5 replies
zepoly3 January 25 2014 at 9:27 PM

stupid dough yo

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nsheats January 25 2014 at 4:27 PM

The word for the pay, Chase's treatment of their customers and their ethics is" obscene"

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shane.stacy January 25 2014 at 4:28 PM

Makes me sick, people think UNIONS are the PROBLEM, this is exactly why UNIONS were formed. Without the UNIONS or the THREAT of UNIONS, CEO'S would make DOUBLE there salaries, and the MIDDLE CLASS WORKER would be making HALF OUR CURRANT SALARY. JP MORGAN BLUE COLLAR WORKERS SHOULD VOTE THE UNION IN AND DOUBLE THERE SALARIES.

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rockymtnleather January 25 2014 at 4:39 PM

This guy needs to be in jail. I've closed every account I ever had with Chase. More 'average' Americans need to do the same and see how many billions Chase can write off without any customers. Then what kind of bonus would this buffoon receive?

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1 reply
luvtopleaze rockymtnleather January 25 2014 at 4:45 PM

For what ? I bet you can't give details to what he did ......you just use rhetoric.......

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alanwin@aol.com January 25 2014 at 4:40 PM

When will these idiots wake up. Enough is enough. I would have been fired for a performance like his.

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1 reply
luvtopleaze alanwin@aol.com January 25 2014 at 4:45 PM

What performance ? The government asked him to BUY Washington Mutual and Bear Sterns and later after he bought them...the government fined Dimon for things that happened BEFORE he bought them.

I bet you think this is fine......

So what should he be fined for ? For doing what the government asked him to do ?

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fjac24 January 25 2014 at 4:42 PM

Dimon was rewarded for solving all the banks legal problems.
The same man was in charge when all the problems occurred, therefore they rewarded him for screwing up. The banks laid off thousands of employees during the economic crisis, how many CEOs lost their jobs?

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pbjclv January 25 2014 at 1:45 PM

Let's see, the average compensation for employees and mid to low level staff has gone up in America by about 6%-7% and corporate exec compensation has gone up by 300% to 700%. Oh, I get it, they earned it. The president of the United States makes about $750,000.00 a year and these clowns get bonuses that they should be ashamed of. And they wonder why their employees are disengaged. Nepotism and farvoritism are at an all time high and they expect these companies to, not only succeed, but to excel. There is a whole industry developing that engages employees on company wide levels, which are designed to reengage employees who still work for the company, but only do enough so they don't get fired. Corporate excecs run these companyies makeing bonus decissions and not good business decissions. Look at all of the American companies, which used to be household names, that are now gone. One major Las Vegas hotel, which never even opened, because of poor management, and the coporate execs sued trying to get their bonuses. Something is wrong here. Top employees, who could help the company, will never get the chance, because they are not somebodys college roommate or niece. It's time for coporate America to wake up and smell the coffee. I am retired now, but heard the cliche', "It's not what you know. but who you know." Playing golf with the president of the the company is not a qualification for promotion. Everybody knows it is happening, but it is still common practice. Sooner or later stupid decissions will bring down the strongest companies.

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3 replies
Frank January 25 2014 at 1:44 PM

Not the best part. Base is only $1.5 million ---- ordinary income. The majority is differed income--- capital gains. Still think the rich are paying their fair share? How much of stock options creates jobs?

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1 reply
Woody Frank January 25 2014 at 1:53 PM

Demand for goods and services create jobs contrary to those who believe it's cutting taxes.

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Douglass Scott January 25 2014 at 9:27 PM

If the chain on his necktie should happen to be a cross, I am glad he covered it with his hand.

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1 reply
Charles and Di Douglass Scott January 25 2014 at 9:47 PM

Doug I say Jamie for president

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