Moments ago JPM released an 8-K which revealed Jamie Dimon’s total compensation for the year. The answer: $28 million, up from the $27 million he was paid in 2015. Which, since Jamie Dimon is already a billionaire, will hardly make an impact on his bottom line.
JPMorgan Chase & Co. (the “Firm”) announced that the independent members of the Board of Directors (the “Board”) approved Mr. James Dimon’s total compensation for 2016, in the amount of $28,000,000, compared to last year’s total compensation of $27,000,000. Mr. Dimon’s total compensation includes an annual base salary of $1,500,000 and performance-based variable incentive compensation of $26,500,000. $5,000,000 of the variable incentive compensation will be delivered in cash and the remaining $21,500,000 will be delivered in the form of Performance Share Units (“PSUs”). Both base salary and cash incentive remain unchanged from last year. The key features of Mr. Dimon’s 2016 PSU award, including financial metric, performance goals, payout levels, vesting and hold requirements, also remain unchanged from the PSU award granted last year.
How did the board make its decision?
In determining Mr. Dimon’s compensation, the independent members of the Board took into account the Firm’s strong performance, in 2016 and through the cycle, across four broad categories: Business Results, Risk & Control, Customer & Clients, and People Management & Leadership. We continue to invest in our future, strengthen our risk and control environment and reinforce the importance of our culture and values. We gained market share in nearly all of our businesses, demonstrated strong expense discipline, continued to achieve high customer satisfaction scores, and maintained a fortress balance sheet. Under Mr. Dimon’s stewardship, the Firm earned record net income of $24.7 billion, or $6.19 per share in 2016, achieved a strong return on tangible common equity (“ROTCE”)1 of 13%, and returned capital to shareholders of $15.0 billion (including common dividends and net share repurchases), while delivering sustained shareholder value over an extended period of time.
And that’s why Jamie Dimon is richer than you.
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