Dolte face

27 January 2014 By Antony Currie Follow @AntonyMCurrie

JPMorgan’s CEO used to be the voice of choice for the beleaguered finance industry. The London Whale and billions of dollars in penalties stripped him of that distinction. Now his bumper pay raise after a messy two years may have rivals wishing he would just keep his head down.

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JPMorgan Chase Chairman and Chief Executive Jamie Dimon has been awarded a total pay package of $20 million for 2013, the bank said in a regulatory filing on Jan. 24.

Dimon’s salary was $1.5 million and the rest paid in restricted stock units. Half of them vest in two years and the other half a year later.

The package represents a 73 percent increase from 2012, when his compensation was halved as a result of the $6 billion lost in the London Whale trading fiasco.

In justifying the increase, JPMorgan directors said they “took into account several key factors, among them: the Company’s sustained long-term performance; gains in market share and customer satisfaction; and the regulatory issues the Company has faced and the steps the Company has taken to resolve those issues, including those arising from events at Washington Mutual and Bear Stearns that predated the Company’s ownership.”

In 2013, JPMorgan set aside $7.6 billion to cover legal expenses and reached settlements on several cases that amount to a total payout of about $20 billion.

Context News

JPMorgan Chase Chairman and Chief Executive Jamie Dimon has been awarded a total pay package of $20 million for 2013, the bank said in a regulatory filing on Jan. 24.

Dimon’s salary was $1.5 million and the rest paid in restricted stock units. Half of them vest in two years and the other half a year later.

The package represents a 73 percent increase from 2012, when his compensation was halved as a result of the $6 billion lost in the London Whale trading fiasco.

In 2013, JPMorgan set aside $7.6 billion to cover legal expenses and reached settlements on several cases that amount to a total payout of about $20 billion.

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