JP Morgan boosts CEO Dimons pay to $20 million JP Morgan Chase almost doubled Chairman and CEO Jamie Dimons 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 on 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 Dimons 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 Madoffs private investment service. JPMorgan Chase & Co.s stock price climbed $14.51, or 33 per cent, to $58.48 in 2013, a bigger gain than Standard & Poors 500 index, which rose almost 30 per cent. The banks net income fell 16 per cent to $17.9 billion in 2013, from $21.3 billion a year earlier.
Posted on: Sun, 26 Jan 2014 06:03:59 +0000
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