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.