JPMorgan raises CEO Jamie Dimon's pay to $31.5 million after notching its most profitable year in history
- JPMorgan Chase raised CEO Jamie Dimon's pay package to $31.5 million after the company's most profitable year in history.
- The compensation package includes $25 million in stock units, $1.5 million in annual salary, and $5 million in cash.
- The board's decision to raise Dimon's compensation took into account the bank's financial results, stakeholder focus, and teamwork, among other factors, according to a Thursday release.
- Watch JPMorgan trade live here.
JPMorgan Chase boosted its yearly compensation for CEO Jamie Dimon to $31.5 million after the bank's second-straight year of record profitability.
The pay package includes a $1.5 million annual salary and $30 million worth of performance-based rewards, according to a regulatory filing made Thursday. Of the $30 million in "variable incentive compensation," $5 million will be delivered in cash while the remainder is held in stock units.
The latest compensation package marks a 1.6% raise from his 2018 pay.
The bank posted its most profitable year in history alongside its fourth-quarter report on January 14. JPMorgan announced $28.3 billion in quarterly revenue and earnings per share of $2.57, beating analyst estimates for both metrics. Annual profit hit $36.4 billion, or $10.72 per share, for the full year.
The bank's growth through 2019 was primarily fueled by growth in its credit cards business, recovery in bond trading, and hefty corporate tax cuts.
"JPMorgan Chase produced strong results in the fourth quarter of 2019, capping off a solid year for the Firm where we achieved many records, including record revenue and net income," Dimon said in the report.
JPMorgan shares climbed as much as 2.6% following the report's release.
Dimon's upgraded pay was influenced by his performance across business results, risk and conduct, stakeholder focus, and teamwork and leadership, according to the statement. The CEO has helmed JPMorgan since 2005 and is the last of the chief executives who led banks through the 2008 financial crisis.
JPMorgan traded at $134.35 per share as of 11:35 a.m. ET Friday, down about 3% year-to-date.
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