Jamie Dimon gets $34.5m raise from JPMorgan Chase to 2021

JP Morgan CEO Jamie Dimon listens as he is introduced at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S. November 23, 2021. REUTERS Brian Snyder File Photo

Jan 20 Reuters -- JPMorgan Chase Co JPM.N Chief Executive Officer Jamie Dimon will get a 9.5% raise in annual pay, bringing his total compensation for 2021 to $34.5 million, the bank said on Thursday.

According to a regulatory filing, the total compensation of Dimon will include an annual base salary of $1.5 million and performance-based incentive pay of $33 million.

JPMorgan Chase said directors based their pay decision on bank performance in 2021, while dealing with the challenges of the pandemic, and in the long term. It cited Dimon's work on risk and controls, the interests of customers and stakeholders and teamwork and leadership.

The rationale provided by the board was similar to that offered by the board for Dimon's compensation in the past.

In March, JPMorgan produced net income of $48.3 billion, up from $29.1 billion a year earlier, and a return on tangible common equity of 23%, up from 14%.

The $3 million, 9.5% raise for Dimon comes after he received no increase last year.

The annual profit at JPMorgan and other banks bounced back in 2021 from levels that were depressed by charges for anticipated loan losses from the pandemic that did not materialize.

Banks with big capital markets and investment banking businesses, such as JPMorgan, also gained from securities underwriting and takeover advisory businesses that thrived as the Federal Reserve held down interest rates to support the economy.

Incumbent compensation for Dimon and other top JPMorgan executives is largely composed of restricted stock instruments.

The bank also disclosed awards to other executives of restricted stock units, indicating their total compensation for 2021, including:

Daniel Pinto, president of JPMorgan and CEO of the Corporate Investment Bank, was $28.5 million, up 16% from the year before.

Jennifer Piepszak, who was chief financial officer until May when she became co-head of Consumer Community Banking, was up 38%.

Jeremy Barnum, who became chief financial officer in May, had $10 million. JPMorgan is the biggest U.S. bank by assets, with $3.74 trillion at the end of December.