JPMorgan raised CEO Jamie Dimon's pay by 8% to $39 million

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JPMorgan Chase’s longtime CEO Jamie Dimon’s pay rose 8% to $39mn last year, his biggest payout at Bank of America.

Dimon, the longest-tenured CEO of one of the biggest U.S. banks, has nearly doubled his pay increase in 2023.

JPMorgan posted a record annual profit last year, with the New York-based group’s commercial and investment banking units delivering a blockbuster performance in the fourth quarter. The bank’s shares rose 41 percent in 2024, along with other big lenders.

“Mr. Dimon’s 2024 annual compensation will reflect his stewardship of the company,” JPMorgan said in a regulatory filing late Thursday.

Dimon’s 2024 pay package includes a $1.5mn salary, a $5mn cash bonus and the rest in restricted stock. His $39 million payout matches that of Goldman Sachs CEO David Solomon, who received a 26 percent raise.

Dimon, 68, died in 2011. He has been leading America’s largest bank since 2006. It saw the industry through the financial crisis of 2008 and other turbulent times such as the coronavirus pandemic.

JPMorgan in 2010 In 2021, Dimon was given a $50 million retention bonus that ties him to the bank through at least mid-2026.

The Wall Street group gave double-digit pay raises to other top executives last year.

Jennifer Piepszak, who was named JPMorgan’s chief operating officer earlier this month, was paid $21.5mn, a 16% increase from 2023. Daniel Pinto, who will replace Piepszak as COO, earned a 5% raise to $31.5mn.

Marianne Lake, who heads JPMorgan’s retail banking division, saw a 16 percent increase to $21.5 million. Lake is considered one of the frontrunners to one day replace Dimon. Piepszak, at the time of her promotion, said she was not interested in the top job at JPMorgan.

Doug Petno, co-head of JPMorgan’s trade and investment bank and also seen as a contender to replace Dimon, received a 21 percent raise last year to $20 million.