After Losing Billions, JPMorgan Chase Gives CEO Jamie Dimon a Raise

After heated meeting, board decides to reward Jamie Dimon for stewardship during tough times

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Yuri Gripas / Reuters

After paying approximately $20 billion in fines to federal authorities over the past year, JP Morgan Chase’s board voted to give their chairman and chief executive Jamie Dimon a raise.

The debate, taking place in a conference room overlooking a snow-covered Central Park, became heated at times, but was finally settled in favor of those who argued that Dimon had proved a good steward through these shaky times.

The raise comes a year after Dimon’s salary was slashed in half, following the “London Whale” debacle, during which the bank made a multibillion-dollar loss. Over that period, the company has generated strong profits, and its stock price has increased more than 22 percent.

[NYT]

1 comments
Chiadam
Chiadam

Forbes.com joined the fray recommending this pay increase as unwarranted and pointing out that the Board has lost its independence and ability to govern the CEO+Chairman effectively http://onforb.es/1d12MrT