January 23, 2015 / 12:27 AM / in 3 years

JPMorgan's Dimon gets cash bonus, total pay unchanged

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

(Reuters) - JPMorgan Chase & Co (JPM.N) 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.

In the filing on Thursday, JPMorgan said the base salaries of other operating committee members were unchanged at $750,000, except Daniel Pinto, the London-based chief of corporate and investment banking.

The terms and composition of Pinto’s compensation reflect applicable UK legal standards, which require at least half of incentive compensation to be paid in equity with the remainder paid in cash, according the latest proxy statement by the bank.

Chief Financial Officer Marianne Lake and asset management chief Mary Erdoes received an increase in total compensation. Pay was unchanged for other operating committee members.

Bonuses for Dimon and all operating committee members, except Pinto, comprised 60 percent restricted stock and 40 percent cash.

The median American household income for 2013 was $51,939, according to a report from the Census Bureau in September.

Editing by Savio D'Souza and Robin Paxton

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