JPMorgan CEO Jamie Dimon gets $36M pay package in 2023

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By Dan Sears

JPMorgan’s board awarded chief executive Jamie Dimon a 4.3% raise in 2023, lifting his annual pay to $36 million after the bank posted record profits for the fiscal year.

The board granted Dimon a $1.5 million salary and $34.5 million of performance-based incentive compensation, according to a regulatory filing Thursday reviewed by Bloomberg.

The 67-year-old’s compensation marks a 4.3% increase from 2022, when he earned $34.5 million.

“The firm is in a uniquely fortunate position to be led by such a highly talented and experienced executive who continues to grow the company, maintain market leadership positions, strengthen the firm’s reputation, invest in opportunities for the future, promote diversity and best practices, manage risk and develop great leaders, while also maintaining his focus on the firm’s clients,” the board said in the filing, per Bloomberg.

JPMorgan also raked in an impressive sum in 2023, posting $49.6 billion in profits — the most ever in American banking history.

JPMorgan’s board awarded CEO Jamie Dimon, 67, a $36 million salary in 2023 — a 4.3% raise from his $34.5 million earnings in 2022. WILL OLIVER/EPA-EFE/Shutterstock

The Wall Street behemoth attributed its 31% year-over-year gains to high interest rates and its acquisition of First Republic Bank, one of three midsize lenders to fail within a span of two months, per its earnings report.

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JPMorgan’s success has also meant that many of its top brass also received as much as a 5% raise, including President Daniel Pinto, who hauled in $30 million, according to Bloomberg.

Mary Erdoes, JPMorgan’s longtime asset and wealth management chief was also awarded $27 million for the year, despite unsealed court documents revealing that the star banker had worked closely with Jeffrey Epstein even after he pleaded guilty to charges of soliciting prostitution from a minor in 2008.

Consumer-banking co-heads Jennifer Piepszak and Marianne Lake, meanwhile, were each given $18.5 million, according to the regulatory filing.

Dimon has sat atop the nation’s largest lender since 2005, rising to the position after serving as JPMorgan’s President and Chief Operating Officer.

JPMorgan, the nation’s largest lender, hauled in an impressive sum in 2023, posting $49.6 billion in profits — the most ever in American banking history. EPA

His 18-year tenure in the position is the longest than the CEO of any other major bank.

During that time, JPMorgan’s shares have increased some 250% — more than 10 times the gain the S&P 500 Financials Index has experienced during the same period, per Bloomberg.

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When the bank has experienced stock slumps over the years, Dimon has scooped up shares using his own money in a sign of confidence amid rough patches.

Take early 2009, for example, when Dimon bought 500,000 shares of the bank during a stock slump.

He made an identical move in 2016, spending a total of about $38 million on the two transactions, according to Bloomberg.

JPMorgan’s success in the stock market made Dimon a billionaire in 2015, and his current net worth totals roughly $2 billion, according to Bloomberg estimates.

JPMorgan’s top brass were also awarded raises thanks to the bank’s successes. Mary Erdoes, for example, the longtime asset and wealth management chief, was awarded $27 million. AFP via Getty Images

Recently, Dimon’s sparked concerns that he’s gearing up for retirement after disclosing in a regulatory filing in October that he has plans to sell $141 million worth of his shares in JPMorgan.

The selloff marked the first time Dimon’s trimming his personal stake in JPMorgan since he took the CEO position.

Even after the selloff, Dimon and his family will continue to own about 7.6 million shares in JPMorgan, which is the largest bank in America by asset size, with more than $2.5 trillion under management, per the bank’s website.

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In 2020, similar fears were spurred around Dimon’s retirement after he said he was going to stick around for another five years — though the comment was made two years after he initially set the five-year goal.

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