- JPMorgan Chase on Thursday said it raised CEO Jamie Dimon’s pay for 2024.
- Dimon earned $39 million following a year of record profitability, compared to $36 million in 2023.
- The disclosure comes as the CEO navigates questions around how long he’ll remain at the helm.
JPMorgan Chase on Thursday said it raised CEO Jamie Dimon’s 2024 compensation following a record year of profitability.
In a regulatory filing, America’s biggest bank by assets said it paid its longstanding CEO $39 million for 2024, up 8.3% versus last year. Dimon earned $36 million in 2023 and $34.5 million in 2022.
The bank awarded him a base salary of $1.5 million plus $37.5 million in “performance-based variable income.” Of that much greater share of the total, $5 million will be awarded in cash, with the rest — $32.5 million — in a form of equity known as performance share units, or “PSUs.”
“PSUs tie 100% of Mr. Dimon’s annual equity-based compensation to ongoing performance metrics, representing 87% of his total variable incentive compensation,” the company said in the filing.
Earlier this month, the bank reported record financial results for 2024, with net income rising to $59 billion, an increase of 18% from the almost $50 billion it generated the year prior. Over the past 12 months since late January 2024, the company’s stock price has climbed around 57% to about $265 per share.
Last week, Goldman Sachs said it awarded its CEO, David Solomon, $39 million for 2024. Separately, the bank gave Solomon and his deputy, Goldman President and COO John Waldron, $80 million in stock that will vest over five years.
Dimon’s pay disclosure comes amid questions about his tenure. He is the longest-serving CEO of a major bank, having taken the top role in 2006, but made headlines last year when he said his time as JPMorgan’s CEO was waning.
“The timetable is not five years anymore,” he told investors and analysts, referring to a running joke about how often he’s said five years when asked how long he might remain at the helm.
In 2021, the bank’s board of directors offered Dimon a more than $50 million retention bonus to remain in the CEO role through at least 2026. On the firm’s January earnings call, Dimon suggested he has another four to five years as CEO. He has also left open the door to staying on as executive chairman.
“Now you’re talking potentially four, five years or more. I’ll be 69 in March. I think it’s the rational thing to do,” he said.
Reed Alexander is a correspondent at Business Insider. He can be reached via email at [email protected], or SMS/the encrypted app Signal at (561) 247-5758.
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