JPMorgan lifts chief executive Jamie Dimon’s pay by 8% to $39mn

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JPMorgan Chase raised longtime Chief Executive Jamie Dimon’s pay by 8 percent to $39 million last year, his biggest payday at a U.S. bank.

Salary increase for daemonThe longest-serving CEO of one of the largest U.S. banks, the bump he received in 2023 was nearly double.

Jpmorgan The New York-based group’s trading and investment banking units posted record annual profits last year, posting a blockbuster performance in the fourth quarter. The bank’s share rose 41 percent in 2024, in line with other major lenders.

“Annual compensation for 2024 reflects Mr. Dimon’s leadership of the firm,” JPMorgan said in a regulatory filing late Thursday.

Dimon’s 2024 pay package includes a $1.5MN salary, a $5M cash bonus and remaining restricted stock. The $39 million pay matches that of Goldman Sachs CEO David Solomon, who earned a 26 percent raise.

Dimon, 68, has run America’s largest bank since 2006, seeing it through the 2008 financial crisis that reshaped the industry and other periods of turmoil such as the coronavirus pandemic.

In 2021, JPMorgan paid Dimon a $50 million retention bonus that would keep him at the bank until at least mid-2026.

The Wall Street group also gave double-digit pay raises to other top executives for the past year.

Jennifer Pipesackwho was named J.P. Morgan’s chief operating officer earlier this month, is up 16 percent over 2023. 21.5 million dollars.

Marian Lake, which operates JPMorgan’s retail bank, also received $21.5 million, a 16 percent increase. Lake is considered one of the top contenders to replace Dimon one day. Pipesak said at the time of his promotion that he was not interested in JPMorgan’s top job.

Doug Petno, co-head of JPMorgan’s commercial and investment bank and also seen as a contender to replace Dimon, rose 21 percent to $20 million for the past year.