JPM - Jamie Dimon's Pay Soars To $36M In 2023 As JPMorgan Secures Highest-Ever Profit | Benzinga
The board of JPMorgan Chase & Co. (NYSE:JPM) has approved a substantial pay raise for its CEO, Jamie Dimon, for the year 2023. This decision comes in the wake of the bank’s record-breaking profits.
What Happened: Dimon’s pay for 2023 has been set at $36 million, as per a regulatory filing on Thursday, reported Bloomberg. This includes a $1.5 million salary and $34.5 million in performance-based incentive compensation.
The filing also highlighted the board’s appreciation for Dimon’s leadership, which has steered the bank to achieve its highest-ever profit in the history of American banking. The bank’s revenue for 2023 stood at $49.6 billion, bolstered by the Federal Reserve’s interest rate hikes and its acquisition of First Republic Bank (OTC:FRCB) in a government-led auction. This resulted in a 27% increase in shares, outperforming all major competitors.
Dimon, a billionaire, has been at the helm for 18 years, making him the longest-serving CEO among major banks. In October, JPMorgan announced Dimon’s plans to sell 1 million of the bank’s shares for financial diversification and tax-planning purposes, marking his first such transaction since taking over the Wall Street giant.
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