JPMorgan Chase marked a historic achievement in 2023 by reporting the largest annual profit ever recorded by any U.S. bank.
The bank’s board responded to this milestone by approving a 4% increase in CEO Jamie Dimon’s pay for the year, bringing his total compensation to $36 million. This decision was disclosed in a securities filing on Thursday.
The breakdown of Dimon’s pay includes an annual base salary of $1.5 million, $5 million in cash, and $29.5 million in performance share units.
Notably, JPMorgan Chase’s impressive performance in 2023 was highlighted by a record-breaking profit of $49.6 billion, setting a new benchmark in U.S. banking history. Additionally, the bank played a pivotal role in a beneficial rescue deal for First Republic.
The bank justified the increase in Dimon’s compensation by emphasizing his stewardship, citing growth across all market-leading lines of business, exceptional financial results, and a robust balance sheet. The filing also acknowledged the successful management of challenges, including regional bank turmoil, and the completion of the First Republic acquisition.
Jamie Dimon’s compensation for 2023, at $36 million, marks an increase from his earnings of $34.5 million in both 2022 and 2021.
In October, Dimon had announced plans to sell shares of JPMorgan, which raised speculation about his potential retirement. Mike Mayo, a banking analyst at Wells Fargo, considered the planned sale as a sign that the CEO might be approaching retirement.
As the longest-serving Wall Street bank chieftain, Jamie Dimon is set to turn 68 in March, adding another layer of significance to the ongoing discussions about his future plans with the bank.