Jan 20 (Reuters) - JPMorgan Chase & Co Chief
Executive Officer Jamie Dimon will get a 9.5% raise in annual
pay, bringing his total compensation for 2021 to $34.5 million,
the bank said on Thursday.
Dimon's total compensation will include an annual base
salary of $1.5 million and performance-based incentive pay of
$33 million, according to a regulatory filing.
JPMorgan Chase said directors based the pay decision on
bank performance in 2021, while dealing with the challenges from
the pandemic, and in the long term. It also cited Dimon's work
on risk and controls, interests of customers and stakeholders
and teamwork and leadership.
The rationale provided by the board was similar to that
offered for Dimon's compensation in past years.
Under Dimon, who turns 66 in March, JPMorgan produced net
income of $48.3 billion in 2021, up from $29.1 billion a year
earlier, and a return on tangible common equity of 23%, up from
The $3 million, 9.5% raise for Dimon comes after he received
no increase last year.
Annual profit at JPMorgan and other banks bounced back in
2021 from levels that were depressed by charges for expected
loan losses from the pandemic that did not materialize.
Banks with big capital markets and investment banking
businesses, such as JPMorgan, also gained from securities
underwriting and takeover advisory businesses that thrived as
the Federal Reserve held down interest rates to support the
Incentive compensation for Dimon and other top JPMorgan
executives is largely composed of restricted stock instruments.
The bank also disclosed awards to other executives of
restricted stock units, indicating their total compensation for
Daniel Pinto, president of JPMorgan and CEO of the Corporate
& Investment Bank, $28.5 million, up 16% from the year before.
Mary Erdoes, CEO for Asset & Wealth Management, $20.5
million, down 2%.
Marianne Lake, co-head of Consumer & Community Banking,
$16.5 million, up 5%.
Jennifer Piepszak, who was chief financial officer until May
when she became co-head of Consumer & Community Banking, $16.5
million, up 38%.
Doug Petno, CEO of Commercial Banking, $15 million, up 15%.
Jeremy Barnum, who became chief financial officer in May,
JPMorgan is the biggest U.S. bank by assets, with $3.74
trillion at the end of December.
(Reporting by David Henry in New York and Mehnaz Yasmin in
Bengaluru; Editing by Devika Syamnath, Bernard Orr)