JPMorgan Chase & Co. gave Chief Executive Officer Jamie Dimon a 74 percent raise to $20 million last year, bringing his pay closer to where it stood before the board faulted his oversight of botched derivatives bets.
Dimon, who also serves as chairman, received $18.5 million in restricted stock, the New York-based lender said Friday in a regulatory filing. His salary was unchanged at $1.5 million, and he got no cash bonus, according to the filing.
Board members kept Dimon’s pay below prior years after JPMorgan was beset by regulatory and criminal probes that cost the bank more than $23 billion in settlements last year. The directors had cut his package in half last January to $11.5 million after faulting his oversight of derivatives trading in the London Whale episode.
In raising Dimon’s pay, the board of directors cited “sustained long-term performance; gains in market share and customer satisfaction; and the regulatory issues the company has faced and the steps the company has taken to resolve those issues,” according to the filing.
JPMorgan’s shares climbed 33 percent last year, matching the 81-company Standard & Poor’s 500 Financials Index.
Dimon became CEO at the end of 2005 and added the title of chairman a year later. His reputation as a top manager, along with his pay, has fluctuated since then.
In last year’s third quarter, the bank posted its first loss on Dimon’s watch after taking a $7.2 billion charge to cover the cost of mounting litigation and regulatory probes. The deficit ended the firm’s streak of three record annual profits.
Dimon pushed last year to resolve government investigations, including at least eight Justice Department probes listed in the firm’s quarterly report in October.
Settlements since then have included a record $13 billion deal to resolve inquiries into mortgage-bond sales. The bank paid $2.6 billion and avoided criminal prosecution while settling claims it failed to stop Bernard Madoff’s Ponzi scheme.