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JPMorgan CEO Jamie Dimon’s pay rises 4% for 2023

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© Reuters. Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., speaks during the event Chase for Business The Experience – Miami hosted by JP Morgan Chase Bank for small business owners at The Wharf in Miami, Florida, U.S., Februa

By Nupur Anand

NEW YORK (Reuters) -JPMorgan Chase CEO Jamie Dimon’s compensation climbed about 4.3% to $36 million for 2023, the bank said on Thursday.

The head of the largest U.S. bank was paid $34.5 million for 2022 and 2021 against a backdrop of economic uncertainty, geopolitical tensions and the lingering effects of the COVID-19 pandemic.

Dimon’s 2023 pay package includes a base salary of $1.5 million and a $34.5 million performance bonus that comprises $5 million in cash and $29.5 million in stock, according to a regulatory filing.

“The annual compensation for 2023 reflects Dimon’s stewardship of the firm, with growth across all of its market leading lines of business, record financial results and a fortress balance sheet,” the bank’s board said in the filing.

“In addition, the firm successfully navigated and supported its clients and customers through the regional bank turmoil as well as completed the acquisition of First Republic,” it added.

JPMorgan earned its biggest ever annual profit last year. After acquiring failed First Republic Bank (OTC:) in May, its net interest income – the difference between what banks make on loans and pay out on deposits – surged to record levels.

The 67-year-old bank chief has run JPMorgan since 2005. His estimated net worth is $1.7 billion, according to Forbes.

Dimon and his family intend to sell 1 million of their 8.6 million shares, the lender said in October.

The decision to sell stock was not related to leadership succession and Dimon had no current plans to sell more stock, but could consider doing so in the future, a company spokesperson said at the time.

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