Impressive salary received by the most powerful banker in the United States

Impressive salary received by the most powerful banker in the United States

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Published: Monday, January 22, 2024 09:27

Editorially written

Jamie Dimon, the current chairman and CEO of JPMorgan Chase & Co., the world’s largest bank by market capitalization, received the highest annual compensation ever.

Dimon received an annual salary of $36 million in 2023, a 4.3% increase from 2022.

Compensation includes an annual base salary of $1.5 million and performance-based variable pay of $34.5 million.

Of the convertible portion, the bank specified that $5 million would be paid in cash, while the remainder would be distributed in performance-linked shares.

“The annual compensation for 2023 reflects Mr. Dimon’s leadership of the company with growth in all market-leading areas, 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 handsomely rewarded, was reflected in good 2023 financial results reported late last week.

First, the company reported revenues of US$162.4 billion, which translates to an annual increase of 23%. In turn, it recorded a net profit of US$49.6 billion, showing an increase of 32% over the previous year.

On the other hand, JPMorgan shares have risen nearly 30% in the past year, valuing the company at US$491 billion.