Jamie Dimon, JPMorgan CEO, Gets $17 Million Pay Day

NEW YORK — JPMorgan Chase & Co. has granted Chairman and CEO Jamie Dimon stock and options worth $17 million, just a month after one of Wall Street's largest banks posted a big jump in quarterly earnings.

Dimon's bonus follows huge compensation boosts earlier this month for the heads of Goldman Sachs Group Inc. and Citigroup Inc., as many big banks _and their stocks – have rebounded from the financial crisis.

The New York bank said in a regulatory filing Thursday that it granted Dimon 251,415 restricted stock units, of which half vest in January 2013 and the rest the following year. Based on the stock's closing price Wednesday, the day the units were granted, the award is worth $12.1 million.

Dimon, 54, also received 367,377 stock appreciation rights, which have a 10-year term and become exercisable in five installments staring next January. Using the Black-Scholes calculation method, the rights are valued at about $5 million.

Dimon's salary and other compensation weren't disclosed in Thursday's filing.

JPMorgan Chase pleased investors in January with news that it will raise its dividend soon, pending approval from the Federal Reserve. The bank also reported that its income jumped 47 percent in the final three months of 2010 as fewer customers defaulted on their loans.

Last month, Goldman Sachs more than tripled the salary of CEO Lloyd Blankfein to $2 million, not including stock awards, and also granted raises to four other top executives. Citigroup Inc. gave its top executive, Vikram Pandit, a salary raise to $1.75 million, from just $1 the previous year.

Bank of America Corp., however, has said it won't give its top executive a raise for 2011 and won't hand out cash bonuses to top management. CEO Brian Moynihan's salary will remain $950,000 for 2011, though he could get up to $9.05 million in stock awards if the nation's largest bank by assets hits certain performance targets.

Comments

[halfpricefaustian]

09:23 AM on 02/21/2011

All he had to do was charge a $6 monthly checking fee for a year on 236,000+ accounts to get that swag. Well worth it, I'm sure.

[Connie Markley Boppre]

04:43 PM on 02/21/2011

and don't forget outsourcing my white-collar professional job to India.....

[martigras]

11:33 PM on 02/20/2011

And that's not nearly enough.....now he needs you pay money for your checking account so that he can make even more.

[AgingLady]

09:34 PM on 02/20/2011

And you want us to respect you. Hilarious!!!

[the griff]

12:20 PM on 02/20/2011

These guys make me sick! Our tax dollars paid for these big salaries. If there has been any jobs created from the stimulus package, would some one please tell me where they are?

[Eileenla]

08:14 AM on 02/20/2011

Of course he does. Now just think...if he'd settled for a million dollars instead and then used the other sixteen million to hire 232 others at $50,000 each, we might actually begin to see a dip in the unemployment rate.

[Craig2]

12:06 AM on 02/20/2011

Just curious, how many jobs has he created? Just wondered.

[Connie Markley Boppre]

04:44 PM on 02/21/2011

he created none. but he did outsource to india

[Craig2]

12:05 AM on 02/20/2011

Big pay day! He must be headed for a Government job of some kind.

[vippy]

09:58 PM on 02/19/2011

Aw, and he could not pay the little taxes and had to whine about the GWB Tax Break Extensions. 

[Ma Lucille]

08:33 PM on 02/19/2011

FOOD STAMPS PROFITS : how JP Morgan gets rich with increased poverty
http://www.youtube.com/watch?v=eYRG9f5F4gw

[demilieu]

06:01 PM on 02/19/2011

Hope that 17 million is enough to hold him over to the next payday...

[Jared Jentzsch]

05:35 PM on 02/19/2011

He probably worked his way up from janitor. That is all you have to do and then you can get that same pay! Probably no big deal.

[jneill7854]

01:09 PM on 02/19/2011

Do you think the guy who eventually finds the cure for cancer will make this kind of loot?

[I-US]

05:26 PM on 02/19/2011

Nope, but the CEO of the pharmaceutical company supporting that guy's research will, and that CEO will have done precious little to better society.

[Ma Lucille]

08:31 PM on 02/19/2011

I tend to agree with those who think the cure exists ... locked away in a vault at one of the big pharma companies.

[muck-raker]

08:53 AM on 02/19/2011

Who rules America? Sociologists and political scientists have debated this question since C. Wright Mills published his 1956 book The Power Elite. Writing in the 1950s, Mills argued that the United States was ruled by a triangle of power between the federal government, large corporations, and the military industrial complex (with many people moving between these sectors). Robert McNamara went from CEO of Ford Motor Company to Secretary of Defense under the Kennedy-Johnson administrations (modern examples include Dick Cheney, Henry Paulson, Robert Rubin, Larry Summers, etc). Since the late 1960s, sociologist G. William Domhoff has revised, updated, and increased the sophistication of power elite theory. If we look at the composition of cabinet-level and other White House appoints since the Reagan administration, it is clear that there is a significant movement between Wall Street and the Federal Reserve Bank and Treasury Department. But why? The answers are found in the social and economic crises of the 1960s and 1970s.

http://www.counterpunch.org/volscho12102010.html

[Villagesviewpoint]

08:47 AM on 02/19/2011

Because the U.S. tax payers via the Federal reserve bank bailed this "gentleman" and his bank out of the debacle he and his myriad of friends on Wall Street and the others complicit in the biggest criminal campaign in the history of the world, he is now making millions a year in salary.

Yet in Wisconsin, a clerk in the registrars office is going to be denied collective bargaining rights for future contract negotiations, because her paltry salary of say, $30,000.00 plus benefits, is destroying the states budget.

Although the scholars who dealt with the Wall Street sales people and bought the bundled mortgages that were in most cases, not worth the powder to blow them up, it is now a state worker in the Department of Natural Resources office's fault, and he is going to have to pay yet again for the biggest criminal atrocity inflicted on the citizenry of The United States of America in our history.

Where are the T Party members when it comes to this attack on America? Where is the disgust that they show about the alleged lack of a birth certificate of the President of the United States?

Speaking of him, where is his support of American citizens, in regards to the Wall Street debacle and or the attack on the ability of union workers to have the right to collective bargaining in the U.S.?

There are so many complicit in this farce, it is beyond disgusting!

[Mondieu]

01:47 PM on 02/19/2011

"Where are the T Party members when it comes to this attack on America?"

Some of them are boarding buses as we speak to fight the unions in Wisconsin. Because they actually are being systematically trained like Pavlo's dogs!

[demsrsilly]

09:21 AM on 02/20/2011

Wonder if the pensions that the workers are not paying into have anything do with states' budget problems.

[Baris Alkoc]

06:20 AM on 02/19/2011

How anybody puts there money in this bank is shocking. The moment they held my checks I left. I realized how stupid I was. Now I have a account at a small community bank. Please people don't be supid like I was. Move your money!