CEO pay
packet doubles despite a year of fines by regulators
 |
| JPMorgan CEO Jamie Dimon was paid $20 million in total compensation last year (J. Scott Applewhite/Associated Press) |
The CEO of
JPMorgan saw his pay packet almost doubled in 2013 to $20 million US last year,
despite steering the bank through a year in which it paid almost $20 billion in
regulatory fines.
JPMorgan
revealed in a filing Friday that CEO Jamie Dimon was paid a base salary of $1.5
million but was also granted $18.5 million in stocks that will vest over the
next three years.
The $20
million total is closer to his usual pay packet, after the board voted to strip
his compensation by almost half to $11.5 million for 2012.
Stock rose
25% last year
Dimon
stickhandled the bank through a rocky 2013 that saw it pay out more than $1
billion in fines related to mortgage foreclosures, $400 million for improper
activities in the energy markets of several states, almost $1 billion relatedto the "London Whale" scandal and $13 billion related to mortgage lending activities during the financial crisis at banks it now owns.
In total,
the bank set aside almost $23 billion to settle various regulatory and legal
actions against it last year, the bank said in a filing recently.
Amid all
that, JPMorgan shares gained more than 26 per cent on the NYSE under Dimon's
watch through 2013.
"Mr.
Dimon’s total annual compensation for 2013 was $20 million, compared to $11.5
million for 2012, $23 million for 2011 and 2010 and $15.2 million for
2009," the bank said. "For 2008, Mr. Dimon received no
incentive compensation."
JPMorgan's
Wall Street rivals have yet to disclose their executive compensation.
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