(Reuters) - JPMorgan’s (JPM.N) board voted to raise Chief Executive Jamie Dimon’s annual compensation for 2013, a turnaround from last year when it slashed his compensation by half in light of a trading debacle, the New York Times reported.
A series of meetings to formulate the pay package turned heated at times, with vocal minority of directors wanting to keep Dimon’s compensation largely flat, citing about $20 billion in fines the bank paid in the last year to federal authorities, the paper said, citing several executives briefed on the matter.
However, there were other directors who argued that Dimon should be rewarded for his stewardship of the bank during such a difficult period, according to the paper. (link.reuters.com/ner36v)
Details of the pay hike were not made public on Thursday, but could be disclosed in the coming days, possibly as soon as Friday, the newspaper said.
However, it is unlikely that Dimon will receive anything close to $23.1 million he got for 2011, when he was the highest-paid chief executive at a large bank, the paper said.
Last year, the bank’s board slashed Dimon’s pay by half to $11.5 million after failures in the bank’s chief investment office that led to $6.2 billion in trading losses — an incident widely known as “London Whale trades.”
A JPMorgan spokesman declined to comment to the newspaper. The bank could not immediately be reached for comment by Reuters outside of regular U.S. business hours.
Reporting by Sakthi Prasad in Bangalore