Categories: Business

JPMorgan’s Jamie Dimon gets $20 million for 2013

JPMorgan chairman and chief executive Jamie Dimon will be paid $20 million for the past year's work

JPMorgan chairman and chief executive Jamie Dimon will be paid $20 million for the past year’s work.

Jamie Dimon’s pay was cut to $11.5 million in 2012 following huge trading losses. This was half the $23 million he received in 2011.

JPMorgan’s profits fell 16% last year, after costs resulting from legal issues dented the bank’s figures.

For 2013, Jamie Dimon was paid $1.5 million as a basic salary, and an additional $18.5 million in shares, the company said.

Over the past year, JPMorgan has paid around $20 billion to regulators for various violations relating to the US financial crisis.

JPMorgan chairman and chief executive Jamie Dimon will be paid $20 million for the past year’s work

Jamie Dimon’s pay was initially cut after the so called “London Whale” trading loss, in which a single JPMorgan trader wracked up losses of $6 billion.

JPMorgan has also been caught up in another high-profile banking scandal – the manipulation of a key interest rate, the London inter-bank offered rate, or Libor.

It also had to pay fines totaling $2.6 billion to settle government and private claims resulting from its handling of the accounts of the convicted fraudster Bernie Madoff. The bank was accused of not reporting its concerns about Bernard Madoff’s investment scheme.

JPMorgan’s net income fell 7.3% for the fourth quarter of 2013 to $5.3 billion, from $5.7 billion in the final quarter of 2012.

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Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.