NEW YORK (Reuters) - JPMorgan Chase & Co said on Thursday that its board of directors allowed $36 million of options previously awarded to Chairman and Chief Executive Officer Jamie Dimon to vest.
The options were part of Dimon’s 2008 compensation package that became exercisable in January 2013. The bank’s board determined at that time that because of the bank’s $6.2 billion “London Whale” trading loss, it would defer vesting until July 2014 at the latest.
At its July meeting, the board decided the company has made enough progress toward improving compliance and risk controls that it should not prevent the options from being vested, said JPMorgan spokesman Joseph Evangelisti.
The options were worth $36 million at Thursday’s closing price of $57.86, or 1.8 times the $20 million compensation package Dimon received for 2013.
Dimon has no immediate plans to exercise the options, Evangelisti said.
Reporting by Peter Rudegeair; Editing by Lisa Shumaker