Being a bank CEO and Chairman is still no easy task in the current climate. In the world of the public reviewing CEO pay, it turns out that Jamie Dimon of J.P. Morgan Chase & Co. (NYSE: JPM) made $11.8 million in 2013. This is on top of a proxy fight, on top of billions of dollars being paid in government settlements, and on top of those pesky trading issues after the London Whale.
If you look at the filing and compare it to previously expected reports, it turns out that Jamie Dimon’s total compensation for the year was $20 million after the $1.5 million salary. The end result for the year later in the filing is where the $11.8 million comes into play – but actually at $11.791 million in total comp for the year, down from $18.717 million in 2012 and even lower than the $23.105 million in 2011.
Chief Financial Officer Marianne Lake had a total compensation of $8.5 million, but her salary was only $750,000 for the year. The chart shows 2013 annual compensation was $8.228 million for 2013.
Michael Cavanagh and Daniel Pinto were appointed as Co-CEOs of Corporate & Investment Bank in July 2012 and their total compensation plans came to $17 million each. That is after salaries of only $750,000 for the year. Cavanagh’s total compensation later on the chart was shown to be $16.2 million versus $17.23 million for Pinto.
Chief Operating Officer Matthew Zames also had a salary of only $750,000 but had a total compensation of $17 million. The chart later in the filing shows the figure to be $17.4 million total in 2013.
The bank’s SEC filing stated,
‘The decision to pay Mr. Dimon an incentive award of $18.5 million and total compensation of $20 million for 2013 reflects his strong performance during the year, his outstanding sustained performance and the Firm’s 2013 results as impacted by the resolution of the legal and regulatory matters described on the previous page. Furthermore, the independent Board members considered Mr. Dimon’s performance in the context of the external market for talent, including our Primary and Secondary Peer Groups, and concluded that, given his strong performance, and the compensation paid to other CEOs (and their respective firms’ performance), an equity incentive award of $18.5 million was commensurate with his performance, and competitive with the external market.”