The buck definitely stops with Jamie Dimon.
The New York Post reports that JPMorgan’s chief could see his pay slashed between 25% and 30% in the wake of the bungled 'London Whale' trade, insiders told The Post. Based on the $23.1m he took home last year, his paycheck could shrink to $16m this year.
It’s a lot better than bupkis, but it means Dimon will lose bragging rights as Wall Street’s top-paid chief.
That’s despite what are expected to be record profits for the New York bank giant, which has been trying to make amends for the monstrous wrong-way derivatives trade that cost it $6.2bn and tarnished the image of one of Wall Street’s most respected executives.
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