News Column

JPMorgan Gives Dimon a Pay Raise

January 24, 2014

UPI Business News

jpmorgan
JPMorgan Chase has elected to give Jamie Dimon a pay raise despite big missteps (file photo)

James Dimon, the top executive at JPMorgan Chase, has been granted a pay raise of an undisclosed amount, sources close the bank told the Wall Street Journal.

Measured by assets, JPMorgan is the country's largest bank, but it has had its share of troubles in recent years and, in 2012, Dimon's pay was cut in half, with the bank's board assigning him "ultimate responsibility" for trading losses of about $6 billion.

With his pay reduced, Dimon, the bank's chairman, received $11.5 million for the year, the Journal said.

The bank did not avoid trouble in 2013, either.

Revenue fell 2 percent in the fourth quarter, with the bank notching its first quarterly loss and its profits for the year dropping to second among major banks with Wells Fargo taking the lead.

JPMorgan agreed to pay $13 billion to the Justice Department to settle claims that it misrepresented mortgage securities in deals that led up to the financial crisis of 2008.

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Original headline: Report: JPMorgan Chase's Dimon to receive a pay raise


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Source: Copyright 2014 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.


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