logo
Plus   Neg
Share
Email

JPMorgan CEO Jamie Dimon Gets 11% Higher Compensation Of $23.1 Mln In 2011

Financial service provider JPMorgan Chase & Co. (JPM) revealed that its Chairman and Chief Executive Officer James Dimon received a 2011 total compensations that was 11 percent higher than last year. He was also the highest paid executive in the banking sector in a year when many other top financial executives saw their pay and incentives shaved.

The New York-based investment bank revealed this in a proxy statement filing with the U.S. Securities and Exchange Commission on Wednesday.

Dimon received a total compensation of $23.1 million as salary, stock grants and bonus in 2011, compared to the $20.8 million he received last year, and a meager $1.3 million in 2009.

The total compensation received by Dimon in 2011 includes $1.42 million as salary, cash incentive of $4.5 million, $12.0 million as stock grants, and stock options worth $5.0 million, as well as deferred and all other compensations totaling $0.29 million.

Dimon's salary surged 42 percent from 2010, and stock awards soared 51 percent from last year. However, the cash incentive was $0.50 million lower than last year, and stock options were down about 20 percent.

The compensation committee determines appropriate compensation for the CEO and makes a recommendation to the Board for their ratification.

For 2012, the committee and the Board has approved a total compensation of $23 million, including base salary of $1.5 million, cash incentive of $4.5 million and equity incentives with a grant date fair value of $17 million in the form of restricted stock units and stock appreciation rights. This is the same as the last two years, with only Dimon's salary being increased effective March 2011 by $0.5 million.

Dimon's leadership and management are reflected in JPMorgan's progress toward achieving its multi-year priorities, and has delivered strong relative performance against key competitors across key financial and qualitative measures.

JPMorgan reported its second straight year of record profit, with 2011 profit rising 9 percent to $19 billion, earnings per share growing 13 percent to $4.48, and revenues increasing 3 percent to $63 billion from 2010. JPMorgan also became the largest U.S. bank by assets last year, surpassing peer Bank of America Corp. (BAC).

Dimon became Chairman of the Board in December 2006, and has been CEO and President since December 2005, and a director since 2004. He also served as President and Chief Operating Officer since JPMorgan Chase's merger with Bank One Corp. in July 2004.

At Bank One, Dimon had been Chairman and CEO since March 2000. Prior to joining Bank One, Dimon had extensive experience at Citigroup, Inc. (C), the Travelers Group, Commercial Credit Co. and American Express Co. (AXP).

Meanwhile, JPMorgan's CFO Douglas Braunstein received total compensation of $13 million in 2011, and its Chief Investment Officer Ina Drew received a total of $15.5 million.

JPM closed Wednesday's regular trading session at $44.41, down $1.01 or 2.22% on a volume of 41.35 million shares.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
A $716 billion defense policy bill easily cleared the Senate on Monday, although the legislation must still be reconciled with the version previously approved by the House. The Senate voted 85 to 10 in favor of the National Defense Authorization Act, which authorizes U.S. military spending for fiscal 2019. Voip-Pal.com Inc. has filed a lawsuit against Amazon Inc., accusing Alexa's calling and messaging services of infringing its patents. The lawsuit, filed by Voip-Pal in the U.S. District Court in Nevada, accuses Amazon's Alexa calling and messaging system of using Voip-Pal's patented technologies to direct voice/video calls and voice messages to both Amazon subscribers and non-subscribers. Canada is a step closer to becoming the first G-7 nation to legalize marijuana nationwide after the House of Commons voted to allow recreational use. The bill will now go back to the country's Senate, which had already approved a version of the bill. On Monday, the House of Commons voted 205 to 82 in favor of the Bill C-45, known as the Cannabis Act.
Follow RTT