JPMorgan lifts chief executive Jamie Dimon’s pay by 8% to $39mn

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JPMorgan Chase boosted longtime chief executive Jamie Dimon’s pay 8 per cent to $39mn last year, his largest remuneration at the US bank.

The pay rise for Dimon, the longest-serving CEO among the biggest US banks, was roughly double the bump he received in 2023.

JPMorgan notched up record annual profits last year, with the New York-based group’s trading and investment banking units posting a blockbuster performance in the fourth quarter. Shares of the bank rose 41 per cent in 2024, in line with other large lenders.

“The annual compensation for 2024 reflects Mr Dimon’s stewardship of the firm,” JPMorgan said in a regulatory filing late on Thursday.

Dimon’s 2024 pay package included a $1.5mn salary, a $5mn cash bonus, and the rest in restricted stock. The $39mn remuneration matches that of Goldman Sachs CEO David Solomon, who was handed a 26 per cent raise.

Dimon, 68, has been running America’s biggest bank since 2006, seeing it through the 2008 financial crisis that reshaped the industry and other periods of tumult such as the coronavirus pandemic.

JPMorgan in 2021 awarded Dimon a $50mn retention bonus that would tie him to the bank until at least the middle of 2026.

The Wall Street group also doled out double-digit pay raises to other top executives for last year.

Jennifer Piepszak, who earlier this month was named JPMorgan’s chief operating officer, was paid $21.5mn, up 16 per cent from 2023. Daniel Pinto, who Piepszak is replacing as COO, got a 5 per cent raise to $31.5mn.

Marianne Lake, who runs JPMorgan’s retail bank, also received a 16 per cent raise to $21.5mn. Lake is considered to be among the top contenders to one day replace Dimon. Piepszak, at the time of her promotion, said she was not interested in JPMorgan’s top job.

Doug Petno, who is the co-head of JPMorgan’s commercial and investment bank and also seen as a contender to replace Dimon, received a pay rise of 21 per cent to $20mn for last year.