JP Morgan boss Jamie Dimon enjoyed a 4% pay rise last year
Veteran: JP Morgan’s Jamie Dimon
JP Morgan boss Jamie Dimon enjoyed a 4 percent pay rise last year, while pocketing more than £28 million.
The American banker, known as the ‘King of Wall Street’, took home his biggest pay package since he took over almost two decades ago.
Business magazine Forbes estimates his fortune at £1.5 billion.
Dimon, 67, has been at the top of the company since December 2005.
In a filing with the regulator explaining the pay rise, the bank said the pay rise – up from £27.2m in 2022 – was a reward for Dimon’s great work.
“The 2023 annual compensation reflects Mr. Dimon’s leadership of the company, with growth across all of its market-leading businesses, record financial results and a strong balance sheet,” a JP Morgan spokesperson said.
The pay package consisted of a basic salary of £1.2 million and a bonus worth £27.2 million, the majority of which will be paid in shares.
JP Morgan made record annual profits of almost £40 billion, surpassing the performance of other banks last year. For JP Morgan’s rivals Goldman Sachs and Morgan Stanley, a sharp slowdown in dealmaking sent 2023 profits down to their lowest level in four years.
Other figures in Dimon’s executive team also received increases, including the bank’s chief executive, Daniel Pinto, who saw his pay rise 5.3 percent to £23.7 million.
British-American Marianne Lake, another senior executive and one of the most powerful female bankers in the world, received £14.6 million, a 5.7 percent increase on the previous year.