The impressive salary received by the most powerful banker in the United States
Details Published: Monday, January 22, 2024 09:27 Written by Editorial Staff
Jamie Dimon, the current chairman and CEO of JP Morgan Chase & Co., the world‘s largest bank by market capitalization, received his highest annual compensation to date.
Dimon received an annual salary of $36 million in 2023, 4.3% more than in 2022.
Compensation includes an annual base salary of $1.5 million and performance-based variable pay of $34.5 million.
Of the variable part, the bank specified that $5 million will be paid in cash, while the rest will be delivered in shares linked to performance.
“The annual compensation for 2023 reflects Mr. Dimon’s stewardship of the company, with growth across all of its market-leading lines of business, record financial results and a strong balance sheet,” the board wrote in the letter. “In addition, the firm successfully navigated and supported its clients through regional banking turmoil and completed the acquisition of First Republic,” he added.
Dimon’s leadership, for which he was pleasantly rewarded, was reflected in the good financial results for 2023, reported at the end of last week.
Firstly, the company recorded revenues of US$162.4 billion, which translates into an annual increase of 23%. In turn, it reported a net profit of US$49.6 billion, which represents an increase of 32% compared to the previous year.
On the other hand, in the last year, JP Morgan shares appreciated around 30%, bringing the company’s value to US$491 billion.