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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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qwerty.today January 25 2014 at 3:16 PM

I have decided it bis time to check out the credit unions, the banks don't seem to care any more. AAA has a banking arrangement with Discover Bank - that is another option. When the banks show no respect and the GOPT doesn't want their friends punished, it is time to find another way. Mutual of Omaha has an online Bank, there is Ally Bank, American Express Bank.... Google, Yahoo, or Bing online banks and get away from the corrupt brick and mortar.
My "valued customer" credit card charges me 15.99% on my credit card, gives me .10% on my CD. Time to hit these guys in the pocket book and move on.

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tempatic January 25 2014 at 2:55 PM

Ridiculous when thousands of qualified individuals would do the same job for a fraction of that amount....

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poolcreator January 25 2014 at 7:59 PM

central bank/government bailout?? anybody gettin this??

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qwerty.today January 25 2014 at 2:45 PM

Crime does pay! In my area my "valued customer" cd pays .10%. I guess the rest goes to the crook.

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darlin January 25 2014 at 2:44 PM

I have been with Chase for many years now.....but after hearing this information I am ready to close my account.....you see I am retired and barely making it after working my entire life (I am 64) and to hear how your CEO lives I am appalled! And you have the audacity to make me pay an interest rate of 23% on a credit card.....shame on you! On behalf of all the people who have worked all their lives and don't get **** in Social Security, of which we are EXPECTED to live on is a travesty!!!! All those things you buy Mr. Dimon will not buy you a place in Heaven!!

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1 reply
notorious6 darlin January 25 2014 at 2:53 PM

Stop whining. If you are upset about how much a CEO makes then stop driving a truck, get an education and then WORK 20 plus hours a day and maybe you might make it.

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1 reply
Linda Bender notorious6 January 25 2014 at 3:05 PM

Your an as* notorious.....your the problem here you moron

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vldavister January 25 2014 at 2:40 PM

And guess how much interest JP Morgan Chase pays it's customers on their investments? Next to nothing. The banking executives should have been sent to prison for the disasters they created in our economy.

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danielisticall January 25 2014 at 2:40 PM

Elizabeth Warren to Obama Administration: Take the Banks to Court, Already!—By Erika Eichelberger| Tue May. 14, 2013
On Tuesday, fierce consumer advocate and needler of banks Sen. Elizabeth Warren (D-Mass.) called out Wall Street regulators for their habit of giving tepid punishments to misbehaving banks, and asked the agencies to justify their policy of settling with the wrongdoers out of court.

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2 replies
qwerty.today danielisticall January 25 2014 at 2:49 PM

All the court proceedings should be broadcast on network television during prime time. At least that way we can have public opinion influence the dealmakers. A regular citizen would have had to pay back the funds, be fired, and go to jail for a long, long time. This is exactly with is wrong in America.

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notorious6 danielisticall January 25 2014 at 2:54 PM

Liz Warren is a moron.

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Jerry January 25 2014 at 2:39 PM

The 1% has it's own 1%. This guy gas more money than the poorest 3 billion people..... Combined!

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hman570 January 25 2014 at 2:32 PM

No one person is worth that much money, I don't care who they are.

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1 reply
qwerty.today hman570 January 25 2014 at 2:53 PM

Exactly!

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Lenda January 25 2014 at 2:55 PM

It is beyond me why he must make so much money. What is that bank doing that it is profitting so much that it can pay one employee soooooo much money? If more of that money went to the clients as interest or what have ;you, then the economy would be better and and the customers would benefit as well. Why should the poor working person continue to suffer and work harder to be ripped off. Even at one million a year could afford him a good life style.

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