JPMorgan Chase closed the year 2023 with record profits after a year in which it gained market share amid the turbulence that affected the financial sector in the United States. After a full year, the independent members of the bank's board of directors have decided to increase the salary of its president and CEO, Jamie Dimon, to 36 million dollars (about 33 million euros), as reported this Thursday by the entity to the United States Securities and Exchange Commission (the SEC).
The largest bank in the United States announced a year ago that it was committed to no longer giving special bonuses to Dimon like the $50 million he received in 2021. With this, the entity responded to the rejection that this extra prize caused. The figure now approved does represent an improvement compared to the 34.5 million dollars of the previous year.
“The annual remuneration for 2023 reflects Dimon's management at the head of the company, with growth in all its market-leading business lines, record financial results and a solid balance sheet. In addition, the firm has successfully guided and supported its clients during the regional bank crisis and has completed the acquisition of First Republic,” explains the entity's communication to the SEC.
Dimon's total compensation includes an annual base salary of $1.5 million and variable performance compensation of $34.5 million. Of this variable part, 5 million are in cash and 29.5 million linked to shares, partly deferred and with special recovery clauses in certain cases. The figure does not include other remuneration in kind, which in 2022, for example, amounted to about $320,000, including $227,867 for personal use of corporate aircraft; $47,747 for personal use of corporate cars, and $38,115 for the cost of residential, personal travel and related security paid for by the firm.
A “lucky” bank
“Amid the significant challenges posed by regional bank turbulence, growing geopolitical tensions, global economic uncertainty, high inflation and rising interest rates, under the direction of Mr. Dimon, the entity continued to provide services to its clients around the world to drive economic growth, while investing and executing long-term strategic initiatives,” says JPMorgan.
In 2023, the group posted record revenue for the sixth consecutive year, in this case of $162.4 billion, and also record net profit of $49.6 billion, or $16.23 per share. The entity increased its quarterly common dividend from $1.00 to $1.05 per share and closed the year with a Tier 1 common equity ratio of 15.0%.
In addition to the millions of dollars, Jamie Dimon also receives verbal flowers from the directors: “The board continues to recognize that the firm is in an exceptionally fortunate position to be led by such a talented and experienced executive who continues to grow the company, maintaining leadership positions in the market, strengthening the reputation of the firm, investing in future opportunities, promoting diversity and best practices, managing risk and developing great leaders, while maintaining a focus on clients.”
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