Jamie Dimon Will Get a Pay Cut After Trading Loss
From The Curious Capitalist
January 16, 2013 - 10:19am
NEW YORK — JPMorgan Chase reported a 55 percent jump in earnings for the last three months of 2012 as mortgage fees and other income surged. The bank also released internal reviews of a surprise $6 billion trading loss that has drawn sanctions from regulators and said it would cut its CEO’s pay as a result. JPMorgan, the country’s biggest bank by assets, will pay Jamie Dimon $11.5 million for 2012, consisting of $1.5 million in salary and restricted stock awards of $10 million. That’s less than half what he made last year, $23 million, which made him the highest-paid chief executive of any of the country’s mega-banks. The bank’s board of directors sets the pay for Dimon and other top executives. In a call with reporters, Dimon said he wasn’t involved in their decision but respected it. When a reporter asked him for his “gut feeling,” he r...
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