JPMorgan boosts Jamie Dimon’s pay to $52.8 million after record profit

NEW YORK – JPMorgan Chase & Co lifted chief executive Jamie Dimon’s pay to US$39 million (S$52.8 million) for 2024, a year in which the biggest US bank beat its own record for the highest annual profit in the history of American banking. 

The board granted Mr Dimon a US$1.5 million salary and US$37.5 million of performance-based incentive compensation, according to a regulatory filing. His pay is up 8.3 per cent from 2023, when he earned US$36 million.

“During the year, under Mr Dimon’s stewardship, the firm continued to serve clients and customers against a dynamic global macro backdrop characterised by ongoing geopolitical tensions and economic uncertainty,” the board said in the filing.

Mr Dimon, 68, has run JPMorgan for nearly two decades, building it into the biggest US bank. The firm had US$58.5 billion in profit in 2024, a period in which the stock rose 41 per cent. 

The firm also said that, as with 2024, Mr Dimon and his family plan to sell about one million shares “for financial diversification and tax-planning purposes”. The billionaire CEO and his family currently hold roughly 7.5 million shares. 

The question of when Mr Dimon will retire, and who might succeed him, has hung over JPMorgan for years. Mr Dimon recently abandoned a long-time joke that retirement was five years away, no matter when asked. The firm shuffled its top ranks last week for the second time in a year.

“As part of their evaluation and determination, the board considered Mr Dimon’s continued development of top executives to lead for today and the future,” the board wrote in the filing. 

JPMorgan is the second major bank to announce CEO pay for 2024. Goldman Sachs Group awarded CEO David Solomon US$39 million, up 26 per cent from a year earlier, and also handed him and president John Waldron retention awards valued at US$80 million each to entice them to stick around. BLOOMBERG