(Newswire.net — January 26, 2016) — One of the most respectable bankers from Wall Street, Jamie Dimon – J.P. Morgan Chase & Co.’s Chief Executive, was paid of 35% more in 2015 than the previous year, The Wall Street Journal reports.
Mr. Dimon’s total earnings in 2015 was $27 million, making it $7 million more than he earned in 2014 year.
His raise was approved by the J.P. Morgan Chase & Co. Board of Directors, one week after the bank recorded a record profit of $24.4 billion for the year.
Mr. Dimon’s total earnings consist of a basic salary of $ 1.5 million, followed by a bonus of $5 million and shares in the amount of $20.5 million.
Jamie Dimon has been the chairman and chief executive of JP Morgan since 2006. During that time, the bank has managed to increase profits by 12% to a record $24.4 billion. He was also able to reduce the bank’s costs by almost 4.0% to $59 billion dollars. Shares of banks in 2015 rose by 5.5%, according to the New York agency, Bloomberg.
In 2007 Mr. Dimon earned $30 million with his salary in 2015 being the largest since the outbreak of the financial crisis. In 2009 he had a salary of $15.2 million, and in the following two years a salary of $23 million.
J.P. Morgan, one of the biggest banks in the United States, announced on Thursday, that the other top executives in the bank received half of their stock-based bonuses in the form of performance stock units.
The Chief Financial Officer, Marianne Lake, received $3.075 million in restricted stock and $3.075 million more in performance share units. The Chief Executive Officer of the Asset Management division, Mary Callahan Erdoes, received $5.175 million in restricted stock and $5.175 million in performance share units. The Chief Executive Officer of Corporate and Investment Bank, Daniel E. Pinto, received $5,807,875 in restricted stock and the same in performance shares, and the Chief Operating Officer Matthew E. Zames received $5.325 million each in restricted stock and performance shares.
J.P. Morgan Chase & Co. is the first big bank to disclose the compensation for its leading executives for 2015. The annual disclosure about banker Jamie Dimon, the man who runs the biggest bank in the United States in terms of assets, sets the bar for the industry, reports the New York Times.