Salem Radio Network News Wednesday, May 25, 2022

Business

JPMorgan board lifts CEO Dimon’s pay to $34.5 million

(Reuters) – JPMorgan Chase & Co Chief Executive Officer Jamie Dimon will get a 9.5% raise in annual pay, bringing his total compensation for 2021 to $34.5 million, the bank said on Thursday.

Dimon’s total compensation will include an annual base salary of $1.5 million and performance-based incentive pay of $33 million, according to a regulatory filing.

JPMorgan Chase said directors based the pay decision on bank performance in 2021, while dealing with the challenges from the pandemic, and in the long term. It also cited Dimon’s work on risk and controls, interests of customers and stakeholders and teamwork and leadership.

The rationale provided by the board was similar to that offered for Dimon’s compensation in past years.

Under Dimon, who turns 66 in March, JPMorgan produced net income of $48.3 billion in 2021, up from $29.1 billion a year earlier, and a return on tangible common equity of 23%, up from 14%.

Annual profit at JPMorgan and other banks bounced back in 2021 from levels that were depressed by charges for expected loan losses from the pandemic that did not materialize.

Banks with big capital markets and investment banking businesses, such as JPMorgan, also gained from securities underwriting and takeover advisory businesses that thrived as the Federal Reserve held down interest rates to support the economy.

JPMorgan is the biggest U.S. bank by assets, with $3.74 trillion at the end of December.

(Reporting by David Henry in New York and Mehnaz Yasmin in Bengaluru; Editing by Devika Syamnath, Bernard Orr)

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