JPMorgan Chase CEO Dimon paid $23 million in 2011
Thursday, April 5, 2012
NEW YORK (AP) — JPMorgan Chase paid its chief executive, Jamie Dimon, compensation valued at $23 million last year, up 11 percent from the year before.
The largest U.S. bank by assets said in a regulatory filing Wednesday that Dimon’s compensation included a salary of $1.4 million, a bonus of $4.5 million, stock awards worth $12 million and stock options worth $5 million.
Dimon also received about $143,000 for air and car travel and home security.
The bank shelled out $21,375 to secure Dimon’s home. It was the first time the bank had included the expense in a regulatory filing and reflected concerns over protesters that have targeted CEOs in recent months.
Last October, Occupy Wall Street protesters marched to Dimon’s New York home on Manhattan’s Upper East Side, chanting “Tax the rich!”
In his annual letter to shareholders, Dimon expressed his frustration over the “hostility” faced by the banking industry. However he said the bank respects people’s right to express themselves.
The board said Dimon’s salary and bonus reflect the bank’s record income of $19 billion in 2011. Earnings per share rose 13 percent. The board said Dimon had led the bank through a severe financial crisis and a deep recession. JPMorgan Chase was the only bank among the four largest U.S. banks that did not report a loss during the recession.
Dimon said in his letter that the bank’s earnings should have been much higher, $23 billion to $24 billion. He says high costs from mortgage problems made the difference.
The AP’s executive pay calculation aims to isolate the value the company’s board placed on the CEO’s total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.
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