JPMorgan's Dimon gets cash bonus, total pay unchanged

Thu Jan 22, 2015 7:25pm EST
 
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By David Henry and Avik Das

(Reuters) - JPMorgan Chase & Co (JPM.N: Quote) paid Chief Executive Jamie Dimon a first cash bonus in three years, part of a total 2014 pay package of $20 million that was unchanged from the year before.

Dimon received a $7.4 million cash incentive bonus, JPMorgan said in a regulatory filing, atop a base salary of $1.5 million and $11.1 million in restricted stock. His 2013 package comprised the same base salary plus $18.5 million in restricted stock.

JPMorgan did not explain its compensation decision. The board is expected to provide an explanation in a proxy statement to be filed ahead of the company's annual meeting in May.

The bank's 2014 net income rose 21.4 percent to $21.76 billion. Total net revenue, however, fell about 2.5 percent to $94.21 billion.

JPMorgan is the biggest U.S. bank, with $2.6 trillion in assets. Dimon, 58, is the most outspoken of big bank CEOs and has recently bristled at public criticism that JPMorgan is too big and complex to manage safely and efficiently.

On a call after JPMorgan reported results last week, the chief executive - who was treated for throat cancer last year - said banks were "under assault" from regulators.

In 2012, Dimon's pay was halved to $11.5 million after JPMorgan traders handling company accounts lost $6.25 billion in the so-called "London Whale" derivatives transactions.

Dimon was paid $23 million in 2011 and the same amount in 2010.   Continued...

 
Jamie Dimon, chairman and CEO of JP Morgan Chase, arrives at the White House in Washington, October 2, 2013, for a meeting of the Financial Services Forum with U.S. President Barack Obama. REUTERS/Jason Reed