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: JPMorgan CEO Jamie Dimon’s total pay in the year of COVID-19 was the most since the 2008 financial crisis

: JPMorgan CEO Jamie Dimon’s total pay in the year of COVID-19 was the most since the 2008 financial crisis

2021-04-08 13:13:00
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Another crisis and another good year for Jamie Dimon, CEO of JPMorgan Chase & Co., who was most paid during the year of COVID-19 since 2008.

In its 2020 proxy statement filed late Wednesday, the banking giant said Dimon's total compensation for 2020 was $ 31.66 million, compared to $ 31.61 million in 2019.

The stock
JPM,
+ 1.57%

had lost 8.8% in 2020, compared to the 4.2% decline for exchange-traded fund SPDR Financial Select Sector
XLF,
+ 0.49%

and the Dow Jones Industrial Average's
DJIA,
+ 0.05%

7.2% profit.

Total compensation included a base salary of $ 1.50 million and a bonus of $ 5.00 million, both the same as in 2019, while the value of the stock rewards increased from $ 24.50 million to $ 25.00 million.

Also included in the total compensation, the change in retirement value and unqualified deferred compensation income decreased from $ 34,370 to $ 21,845, and "all other compensation" decreased from $ 578,246 to $ 142,709.

For Dimon, all other compensation includes costs for his spouse to attend company-related events, where the presence of his spouse is expected or customary. It also includes $ 35,714 for personal use of corporate jets, $ 38,900 for personal use of company cars, and $ 62,317 for security costs.

Dimon's compensation in 2020 was the highest since the 2008 financial crisis, when his total comp. Was $ 35.76 million. Admittedly, in 2009 the total comp. From Dimon to a low of $ 1.32 million as his bonus and stock and option reward value fell to zero.

The proxy statement also revealed that the estimated median employee compensation of JPMorgan Chase in 2020 was $ 80,102, meaning the CEO's compensation ratio was 395 to 1.

That's comparable to the median employee income of $ 80,431 in 2019, which equates to a CEO pay ratio of 393 to 1, and the median employee income of $ 78,923 in 2018 for a CEO pay ratio of 381 to 1.

As the CEO's pay ratio continued to rise, Dimon had earlier in the day published his annual letter to shareholders stressing the need for the US to recognize issues that led to the growing wealth gap.

Do not miss it: The US economy is booming in 2023, but inequality needs to be addressed: Jamie Dimon in his latest letter to JPMorgan shareholders.

Dimon also addressed racial inequality in his letter, and hours later, the bank's board urged shareholders to vote against a proposal for a racial equity audit.

JPMorgan Chase's stock, which fell 0.3% in premarket trading on Thursday, is up 21.9% year-to-date through Thursday, while the financial ETF is up 18.2% this year and its Dow is up 9.3%.

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