Jan 24, 2025 03:53 PM IST
This comes after JPMorgan reported a record 2024 financial result, with its net income rising 18% to $59 billion from the previous year’s almost $50 billion
JPMorgan Chase announced on Thursday that it has raised CEO Jamie Dimon’s 2024 compensation after a record year of profitability, Business Insider reported.
The bank, which is America’s biggest in terms of assets, paid Dimon $39 million for 2024, which is an increase of 8.3% compared to 2023, when he earned $36 million. In 2022, it was $34.5 million.
Dimon’s base salary was $1.5 million and this was supplemented by $37.5 million in “performance-based variable income.”
Of the variable income, $5 million will be given in cash while the remaining $32.5 million will be awarded in a form of equity shares known as performance share units, or “PSUs.”
This comes after the bank reported a record 2024 financial result, with its net income rising 18% to $59 billion from the previous year’s almost $50 billion.
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The bank’s stock has also climbed 57% to about $265 per share since late January 2024, according to the report.
Meanwhile, Goldman Sachs awarded its CEO, David Solomon, $39 million for 2024. This comes along with $80 million in stock for both Solmon and his deputy, Goldman Sachs President and COO John Waldron which will vest over five years, the report read.
Dimon’s pay disclosure comes at a time when his tenure is in focus. Currently he is the longest-serving CEO of a major bank, having taken the role in 2006. However, he made headlines last year when he said his time as JPMorgan’s CEO was waning, according to the report.
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However, the bank’s board of directors had offered him more than $50 million as a retention bonus in 2021 to remain CEO through at least 2026.
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