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JPMorgan Chase raised the salary of its longtime chief executive, Jamie Dimon, by 8 percent to $39 million last year, his highest compensation in U.S. banking.
The salary increase for Dimonthe longest-serving CEO among America’s largest banks, was about double the raise he received in 2023.
JPMorgan posted record annual profits last year, with the New York-based group’s trading and investment banking units posting a stellar fourth-quarter performance. The bank’s shares are up 41 percent in 2024, in line with those of other major lenders.
“Annual compensation for 2024 reflects Mr. Dimon’s management of the business,” JPMorgan said in a regulatory filing late Thursday.
Dimon’s 2024 salary package included a $1.5 million salary, a $5 million cash bonus and the rest in restricted stock. The $39 million compensation matches that of Goldman Sachs CEO David Solomon, who got a 26 percent raise.
Dimon, 68, has led the largest U.S. bank since 2006, helping it through the 2008 financial crisis that reshaped the industry and other periods of tumult such as the coronavirus pandemic.
JPMorgan gave Dimon a $50 million retention bonus in 2021 that would tie him to the bank until at least mid-2026.
The Wall Street group also gave double-digit pay raises to other top executives last year.
Jennifer Piepszakwho was named JPMorgan’s chief operating officer earlier this month, received $21.5 million, a 16% increase from 2023. Daniel Pinto, whom Piepszak replaces as COO, got a increase of 5% to $31.5 million.
Marianne Lake, who heads JPMorgan’s retail bank, also received a 16 percent raise, to $21.5 million. Lake is considered one of the top contenders to one day replace Dimon. Piepszak, at the time of her promotion, said she was not interested in JPMorgan’s top job.
Doug Petno, JPMorgan’s co-head of commercial and investment banking and also considered a candidate to replace Dimon, received a 21 percent pay increase, to $20 million, for last year.