Wednesday 6 October 2021 9:30 am

JP Morgan boss Jamie Dimon: To cut my $31.5m pay would 'offend the board'

Deputy night editor, City A.M.

JP Morgan chief executive Jamie Dimon defended his $31.5m pay in a HBO interview, saying his board would take offence if he asked for a pay cut.

Speaking to co-founder of Axios James VandeHei, Dimon said his pay was up to the board, who would be offended if he were to request a reduction.

As well as courtesy, the American billionaire justified his pay as being part of a wider retention strategy at the firm, whereby ‘fair’ pay was needed to keep top talent.

“We pay people to do a great job. They could all sell their services elsewhere. I need to maintain the best team on the playing field. And I need to pay them fairly to do that. You may not like that, but that’s what it is,” Dimon told VandeHei.

Dimon was awarded a five-year retention bonus by his board this year.

JP Morgan reported a second-quarter 2021 net income of $11.9bn under Dimon.

Dimon joined the interview to discuss JP Morgan’s pledge to spend $30bn over the next five years to help combat racial inequity.