- Jamie Dimon will receive a larger pay packet than last year after JPMorgan’s “strong performance” in 2018.
- The bank’s CEO will earn $31 million, up from $29.5 million in 2017, a 5% raise.
- JPMorgan shares fell 9% in 2018 but still outperformed the KBW Bank Index, which dropped 20%.
JPMorgan CEO Jamie Dimon just got a raise, earning a $31 million salary, up from $29.5 million in 2017, as a reward for the firm’s “strong performance” in 2018.
The pay packet, disclosed in a filing, includes an annual base salary of $1.5 million and a “performance-based variable incentive compensation” of $29.5 million. He’ll receive $5 million in cash and the rest will be given via “performance share units.”
“In determining Mr. Dimon’s compensation, the independent members of the board took into account the firm’s strong performance in 2018 and through the cycle, across four broad categories: business results; risk, controls & conduct; client/customer/stakeholder focus; and teamwork & leadership,” the bank said in the filing.
Still, JPMorgan’s fourth-quarter results missed estimates on lighter-than-expected corporate and investment-banking revenue and expenses that came in slightly higher than analysts’ average estimate.
The bank said its bond-trading revenue fell 16% to $1.9 billion, the lowest level since the financial crisis, because of challenging market conditions.
“We gained market share in nearly all of our businesses, demonstrated strong expense discipline, continued to achieve high customer satisfaction scores, and maintained a fortress balance sheet,” the company said in the filing.