JPMorgan CEO Jamie Dimon isn't getting a raise for 2022, with pay frozen at $34.5 million as the bank battles economic headwinds
Jim Watson/Getty Images
- JPMorgan CEO Jamie Dimon hasn't got a pay raise for 2022 as the Wall Street giant faces economic headwinds.
- Dimon earned $34.5 million for his work last year, unchanged from the previous period, per Reuters.
- The bank's board members voted against granting any "special awards" to Dimon in the future.
JPMorgan CEO Jamie Dimon didn't get a pay increase for his work in 2022, with his total compensation for the year remaining unchanged at $34.5 million.
The biggest US bank's boss earned a $1.5 million salary and $33 million in performance-based incentive bonus for 2022, the same as for the previous year, Reuters reported, citing a regulatory filing.
Board members also vetoed granting Dimon any special awards in the future, following shareholder pushback last year against a proposed $50 million payout for 2021. "There was no special award granted to Mr. Dimon in 2022 and the Board has committed to not grant any special awards to him in the future," they said in the filing.
JPMorgan's board made the pay decision based on the bank's 2022 performance, where it faced "significant challenges of strong competition, growing geopolitical tensions, global economic uncertainty, mounting inflation and higher rates, and the lingering impacts of COVID-19."
The lender just posted fourth quarter earnings that beat estimates, but its stock dropped after Dimon warned of economic uncertainties ahead. According to Bloomberg, the bank's profit fell 22% to $33.7 billion last year, driven by a slowdown in dealmaking.
Although Dimon didn't get a raise, the bank's board members didn't hold back praise for him. "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," they said.