JP Morgan's giving Jamie Dimon a pay rise

Something of a volte face for investment bank JP Morgan - its board has voted to raise chief executive Jamie Dimon’s annual compensation for 2013, according to reports from The New York Times.

Last year his pay was halved following the so-called London Whale trading fiasco.

The highly contentious decision to up it was met with disagreement from a small group of directors who wanted to keep his pay largely flat - Dimon himself had said that the cut made to his pay was appropriate.

The bank paid around $20bn (£12bn) in fines last year to US authorities, with the blunder itself leading to $6.2bn (£3.7bn) in trading losses.

But others believed Dimon should be rewarded for navigating the bank out of deep water.

Details of the pay rise could be released as early as today, according to the paper.

It’s thought unlikely that he’ll see anything close to the $23.1m (£13.9m) he got in 2011, which made him the highest paid chief executive at a large bank.

His pay was slashed to $11.5m (£6.9m) last year.

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