Dimon get 74% rise to $20m for 2013

Super Dimon

JPMorgan Chase gave CEO Jamie Dimon a 74% raise to $20m last year, bringing his pay closer to where it stood before he was penalized for faulty oversight of botched derivatives bets.

Bloomberg News reports that the board’s compensation package for Dimon, 57, who also serves as chairman, included $18.5m in restricted stock, the New York-based lender said Friday in a regulatory filing.

His salary was unchanged at $1.5m and he got no cash bonus, according to the filing.

Board members decided to keep Dimon’s pay below previous peak levels after criminal and regulatory probes cost JPMorgan more than $23bn in settlements during 2013.

The directors cut his 2012 package in half last January to $11.5m, saying he bore 'ultimate responsibility' for failures that led to derivatives trading losses in the London Whale episode.

In raising Dimon’s pay, the board of directors cited 'sustained long-term performance; gains in market share and customer satisfaction; and the regulatory issues the company has faced and the steps the company has taken to resolve those issues', according to the filing.

Hit the link below to access the complete Bloomberg article:

JPMorgan Gives CEO Dimon 74% Raise to $20 Million in 2013

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