Monday, February 6, 2023
HomeLife InsuranceJPMorgan Leaves CEO Dimon’s Pay at $34.5M for 2022

JPMorgan Leaves CEO Dimon’s Pay at $34.5M for 2022


JPMorgan Chase & Co. stored Chief Govt Officer Jamie Dimon’s complete compensation at $34.5 million for his work in 2022, a 12 months wherein the agency’s revenue fell by nearly 1 / 4 and the inventory notched its worst annual efficiency in over a decade.

The board additionally vowed to cease granting Dimon particular awards after shareholders expressed frustration within the wake of a more-than $50 million retention package deal introduced in 2021.

For his work final 12 months, the board granted Dimon, 66, a $1.5 million wage and $33 million in performance-based incentive compensation, in response to a regulatory submitting Thursday. The panel thought-about his efficiency, in addition to suggestions from buyers on the final annual assembly, it mentioned within the submitting.

“Amid the numerous challenges of robust competitors, rising geopolitical tensions, international financial uncertainty, mounting inflation and better charges, and the lingering impacts of Covid-19, below Mr. Dimon’s stewardship, the agency continued to serve its purchasers and prospects around the globe throughout a time of unprecedented enterprise calls for,” it mentioned within the assertion.

The package deal is Dimon’s first since struggling a uncommon rebuke from stockholders in Could in a non-binding vote towards JPMorgan’s pay practices, which included particular multi-year packages for Dimon and his prime lieutenant, Daniel Pinto. On the time, an organization spokesman mentioned the board takes such suggestions “very severely.”

Revenue Drops

JPMorgan’s revenue shrank 22% to $37.7 billion final 12 months, dropping from a file. The drop was pushed by a slowdown in dealmaking, in addition to provisions to cowl potential unhealthy loans. The financial institution had launched reserves in 2021 after anticipated large losses tied to the Covid-19 pandemic by no means materialized.

RELATED ARTICLES

Most Popular

Recent Comments