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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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Brian Workman January 25 2014 at 9:32 PM

After ALL the "PAYOFF's" are made, "NoOne" Is Going To Jail!?!??!!?!?!?!?!?

Flag Reply +2 rate up
amarant3 January 25 2014 at 8:49 PM

Wow! Isn't this just great for him??? I wonder what has happened to all the investors and home owners who lost so much money, not to mention their homes? I'm betting they don't see a dime.

Flag Reply +6 rate up
2 replies
dale amarant3 January 25 2014 at 9:21 PM

what r u. . .a commie?

Flag Reply 0 rate up
Charles and Di amarant3 January 25 2014 at 10:04 PM

JAMIE FOR WORLD PRESIDENT

Flag Reply 0 rate up
kvave January 25 2014 at 1:36 PM

Prediction : Our Next Presidency will either Be Obama x 5 (much farther Left) , or the Far Right Corporate "Let the People Eat Cake" type.

The Moderate Middle will be drowned out , and much more of THIS type Garbage to come.

Flag Reply +1 rate up
1 reply
rongersonrealtor kvave January 25 2014 at 1:38 PM

Do you have a problem with Grown Men that play children's games getting paid a lot more.

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3 replies
inductions January 25 2014 at 1:40 PM

your welcome you SOB! now foreclose on someones home and put them out on the street or raise the % rate on somebody that was late on their credit card payment. It sickens me when we the tax payers pulled your ass's out of trouble and you probably don't even pay much in taxes.

GO TO HELL!

Flag Reply +7 rate up
danielisticall January 25 2014 at 1:40 PM

JPMorgan Senate Report Says Bank Misled Investors, Regulators To Hide Massive 'Whale' Losses Posted: 03/14/2013
A scathing report released by a Senate panel Thursday shows the financial crisis never really abated: The forces that delivered it -- a toxic combination of reckless speculation, balance sheet manipulation and outright disdain for regulators -- remained fully at work inside the biggest bank of them all, JPMorgan Chase, as recently as last spring.
The 300-page report, which unfolds in tones worthy of an indictment, says JPMorgan executives brazenly misled and bullied their regulators, going so far as to call them "stupid."

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1 reply
Dan danielisticall January 25 2014 at 2:03 PM

Of course - good reason to give the leader of the crime syndicate a bloated bonus and100% raise. Did your salary increase last year?

Flag Reply +1 rate up
inductions January 25 2014 at 1:41 PM

Maybe he can afford a tie now

Flag Reply +2 rate up
specksdad January 25 2014 at 4:07 PM

No one person is worth that kind of money. Will he tith $2,000,000 to his church?

Flag Reply +2 rate up
1 reply
ewa2021830 specksdad January 25 2014 at 4:20 PM

I disagree. If he saved the company from 30-40 millions in leal fees he deserve the money.

Flag Reply 0 rate up
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?

Flag Reply +3 rate up
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.

Flag Reply +1 rate up
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
Dewayne January 25 2014 at 8:33 PM

I DONT THE CEO NED TO MAKE any more then the retires that pay hie salary

Flag Reply +1 rate up
1 reply
navycva11 Dewayne January 25 2014 at 8:37 PM

Man.....you are dumb.

Flag Reply +2 rate up
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