Updated, 12:46 p.m. |
Jamie Dimon, JPMorgan’s chief executive, has been awarded total pay of $20 million for 2013, a huge increase the amount he received for 2012, according to a regulatory filing released on Friday.
The bank’s board of directors approved the increase even though a steady stream of scandals and a raft of regulatory actions have in recent months cast doubt on Mr. Dimon’s leadership at the nation’s largest bank. The big raise for 2013 came in the face of opposition from a vocal minority of board members, who wanted Mr. Dimon’s compensation for 2013 to be roughly equal to his pay for 2012, which totaled $11.5 million.
Last year, the board decided to cut Mr. Dimon’s 2012 bonus payout, a decision that was driven in part by a desire to hold him accountable for some the issues that led to a multibillion-dollar trading loss stemming from a bad bet on derivatives.
Mr. Dimon’s 2013 package is made up of $18.5 million of restricted stock, which he will be free to sell over the coming years, as well as a base salary of $1.5 million.
The filing said that the board approved the increase in part because, under Mr. Dimon, the bank had taken steps to deal with its regulatory problems. It added that some of the regulatory actions related to practices at two firms that JPMorgan purchased - Bear Stearns and Washington Mutual â€" and therefore predated Mr. Dimon’s stewardship. Mr. Dimon was, however, in charge of JPMorgan when the two problematic firms were acquired.
Mr. Dimon’s 2013 pay was close to the $23.1 million he got for 2011, when he was the highest-paid chief executive at a large bank. Over the last five years, Mr. Dimon has been paid nearly $70 million.
