Jamie Dimon May Get 30 Percent Pay Cut: Report

JPMorgan Chase CEO Jamie Dimon may get a 30 percent pay cut because of the London Whale debacle, the New York Post reports.
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FILE - In this June 13, 2012 file photo, JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, testifies on Capitol Hill in Washington, before the Senate Banking Committee about how his company recently lost more than $2 billion on risky trades. Throughout 2012, banks faced scrutiny as drama ensued. JPMorgan Chase lost $6 billion in a complex series of trades. (AP Photo/J. Scott Applewhite, File)
FILE - In this June 13, 2012 file photo, JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, testifies on Capitol Hill in Washington, before the Senate Banking Committee about how his company recently lost more than $2 billion on risky trades. Throughout 2012, banks faced scrutiny as drama ensued. JPMorgan Chase lost $6 billion in a complex series of trades. (AP Photo/J. Scott Applewhite, File)

JPMorgan Chase CEO Jamie Dimon may get a 30 percent pay cut because of the London Whale debacle, the New York Post reports.

According to the report, Dimon might end up taking home about $16 million this year, down from $23.1 million the year before. That means he'd lose more than just his bonus, which was $4.5 million last year.

The pay cut will likely be one result of an Airing Of Grievances by JPMorgan's board about the London Whale's disastrous trades in credit derivatives. According to the New York Times, the board plans to make its internal report on the losses public. That report will pin some of the blame on Dimon.

Cutting Dimon's pay by $7 million is a good start. But considering the bank lost $6 billion due to the London Whale and is mired in a host of legal and reputational woes, is docking Dimon's pay $7 million enough? The shareholders' meeting should be interesting this year. Should be.

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