A number of investors objected to the 2011 pay package of JP Morgan (NYSE: JPM) CEO Jamie Dimon. He made $23 million, which was more than any other bank chief executive. Dimon was also criticized for his attack those who are “hostile forces” to the financial services industry. That includes regulators and people who object to big bank pay packages.
Dimon mounted a defense of his compensation. He said that JP Morgan made a record $19 billion last year. Dimon can also argue that the firm’s stock has outperformed those of its peers over the last two years. It’s hard to fight the logic.