JP Morgan Chase reveals chief executive Jamie Dimon gets $28m pay package

Francesca Washtell
Follow Francesca
Jamie Dimon Testifies At Senate Hearing On JPMorgan Chase
Jamie Dimon is the chief executive of JP Morgan Chase (Source: Getty)

JP Morgan Chase directors paid the bank's chief executive Jamie Dimon $28m (£22.7m) in total compensation for last year, the group said yesterday.

This was a four per cent bump on the previous year and includes a base salary of $1.5m as well as cash and stock-related instruments tied to his performance, a filing with the US Securities and Exchange Commission revealed.

Dimon's base salary was the same as in 2015, as was his $5m cash performance bonus, but the increase came from a $1m addition in performance share units.

Read more: Downing Street stands up for the City in Davos

The board "took into account the firm's strong performance" in setting Dimon's pay, the company said.

The bank smashed expectations in the fourth quarter, reporting adjusted earnings per share of $1.71 on forecasts of $1.43.

Revenues rose to $24.3bn in the fourth quarter, five per cent lower than the $25.5bn it brought in during the previous quarter - but two per cent up on the $23.7bn it made in the fourth quarter of last year.

Read more: JP Morgan's Dimon voices concerns on post-Brexit London

Dimon's pay has been a sensitive topic for JPMorgan.

The company changed its practices last year to tie more of his compensation to objective measures of performance and leave less leeway for judgment by directors.

Earlier this week, JP Morgan Chase agreed to pay $55m to put to bed claims that it charged borrowers from minority backgrounds more for mortgages.

Related articles