JPMorgan pays Damon’s boss $ 34.5 million after record profits in 2021

JPMorgan Chase paid longtime CEO Jamie Damon $ 34.5 million in 2021, an increase of $ 3 million from the last two years and his highest salary since 2008.

The increased pay came in a year in which JPMorgan, America’s largest asset bank, reported record profits and revenues. The results were driven by its investment bank, which has been charging fees from rising corporate deals and far lower loan losses than expected during the pandemic.

In a regulatory statement Thursday, JPMorgan said its board of directors had determined Dimon’s pay, taking into account “the company’s strong performance in 2021 and in the long run.” He received a base salary of $ 1.5 million and a $ 33 million performance bonus.

Dimon, 65, has run JPMorgan since 2005 and is the longest-serving CEO of a large Wall Street bank. He was overtaken last year as the highest paid boss in the industry by Morgan Stanley’s James Gorman, who won $ 33 million. Morgan Stanley has not yet revealed Gorman’s pay for 2021.

In fourth-quarter earnings last week, five of Wall Street’s leading banks – JPMorgan, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America – revealed that they had distributed $ 142 billion in total wages and benefits in 2021, which is close to 15 up. penny from the previous year.

Earlier in 2021, JPMorgan gave Dimon a “special reward” for stock options expected to be worth about $ 49 million, reflecting the bank’s desire to stay on board for a “significant number of years.”

Forbes estimates Dimon’s net worth at $ 1.8 billion, much of which is held in JPMorgan shares.

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