Home Stock Market JPMorgan CEO Jamie Dimon's total salary for the year COVID-19 was the...

JPMorgan CEO Jamie Dimon’s total salary for the year COVID-19 was the most since the 2008 financial crisis


Another crisis and another good year for Jamie Dimon, chief executive of JPMorgan Chase & Co., who was the highest-paid COVID-19 since 2008.

In a 2020 authorization statement filed late Wednesday, the banking giant said Dimon’s total compensation for 2020 was $ 31.66 million, up from $ 31.61 million in 2019.

Stock
JPM,
+ 1.57%

has lost 8.8% in 2020, compared with the 4.2% decline in exchange-traded fund SPDR Financial Select Sector
XLF,
+ 0.49%

and Dow Jones Industrial Average
DJIA,
+ 0.05%

7.2% increase.

The total amount includes the base salary of $ 1.50 million and the bonus of $ 5 million, both the same as in 2019, while the value of the stock award increases to $ 25.00 million. from 24.50 million dollars.

Also included in the total claim, the change in the value of the pension and ineligible deferred compensation income was reduced to $ 21,845 from $ 34,370 and “all other claims ”Has dropped from $ 578,246 to $ 142,709 from $ 578,246.

As for Dimon, all other indemnities include costs for his spouse to attend business related events in which his spouse’s attendance is expected or as usual. It also includes $ 35,714 for personal use on company aircraft, $ 38,900 for personal use on company cars, and $ 62,317 for security costs.

Dimon’s 2020 compensation is the most since the 2008 financial crisis, when his total net worth was $ 35.76 million. In fact, in 2009, Dimon’s total assets fell to as low as $ 1.32 million, when his bonuses and stock value and option bonus dropped to zero.

The authorization statement also reveals that the estimated median salary of JPMorgan Chase employees is $ 80,102 by 2020, which means the ratio paid to the CEO is 395 to 1.

That compares to the median employee income of $ 80,431 in 2019, which represents a CEO payout ratio of 393 to 1, and an average employee income of $ 78,923 in 2018 for a billion. CEO payout is 381 out of 1.

As CEO pay rates continued to rise, Dimon released his annual letter to shareholders earlier in the day, in which he stressed the US needs to acknowledge the problems leading to the widening wealth gap. increase.

Do not miss: The US economy will boom in 2023, but inequality must be resolved: Jamie Dimon in his latest letter to JPMorgan shareholders.

Dimon also mentioned racial inequality in his letter, followed by a few hours after the bank’s board. urges shareholders to vote against the racist fairness audit proposal.

Shares of JPMorgan Chase, which fell 0.3% in pre-market trading on Thursday, have risen 21.9% year-to-date, while a financial ETF has risen 18.2% this year. and the Dow rose 9.3%.

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