Wall
Street banking giant JPMorgan has awarded its chief executive Jamie
Dimon $31 million in total compensation for his work in 2018. The
pay exceeds his record compensation of $30 million in 2007 before the
financial crisis.
It’s
a 5.1 percent increase from 2017 as the bank raked in a record profit
last year. Dimon’s pay package included $24.5 million of
restricted stock tied to performance, an annual base salary of $1.5
million and a $5 million cash bonus, the New York-based bank said in
a regulatory filing. It explained that board members have approved
Dimon’s compensation based on the bank’s “strong performance
in 2018.”
This
week, JPMorgan reported a $32.5 billion annual profit for 2018, the
biggest yet in US banking history. The bank’s performance
was buoyed by corporate tax cuts, rising interest rates and growth in
the firm’s credit-card business.
Dimon,
the 62-year-old billionaire banker, has been at the helm since the
end of 2005. He has previously said that he plans to stay in the top
job at the largest US investment bank for about five more years.
He is
also overseeing the bank’s plans to expand its branch network into
new states for the first time in more than a decade and the building
of a new Manhattan headquarters.
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