JPMorgan CEO Dimon's 2024 Compensation Rises About 8% Amid Record Results

JPMorgan Chase CEO Jamie Dimon saw his compensation rise by about 8% in 2024, reaching $36 million, according to an SEC filing. The increase comes as the bank reported record revenue for the sixth consecutive year and a net income of $49.6 billion, boosted by the Federal Reserve's rate hikes and the acquisition of First Republic Bank.

Dimon's compensation package consists of a $1.5 million base salary and $34.5 million in performance-based variable incentive compensation. Of that, $5 million will be paid in cash, with the remaining $29.5 million awarded in performance share units (PSUs).

"The annual compensation for 2023 reflects Mr. Dimon's stewardship of the firm, with growth across all of its market leading lines of business, record financial results and a fortress balance sheet," the board wrote in the filing. "In addition, the firm successfully navigated and supported its clients and customers through the regional bank turmoil as well as completed the acquisition of First Republic."

Dimon's compensation increase reflects the bank's strong performance and his leadership in navigating challenges such as the regional bank turmoil and the acquisition of First Republic Bank. The increase also comes as Dimon continues to lead the company, with no immediate plans to step down.



Dimon's compensation package is in line with other major bank CEOs, with Brian Moynihan of Bank of America taking second place with $27.6 million, followed by Charles Scharf of Wells Fargo with $26.0 million, Jane Fraser of Citigroup with $25.5 million, Bill Demchak of PNC Financial Services with $19.2 million, and D. Bryan Jordan of First Horizon with $11.9 million.

The compensation increase for Dimon may have implications for JPMorgan's succession planning and long-term strategic direction. As Dimon continues to lead the company, he will likely maintain the strategic direction that has contributed to JPMorgan's success. However, the company must also ensure that it is grooming and developing potential successors who can carry on this strategic direction and adapt to the ever-changing business landscape.

In conclusion, Jamie Dimon's 2024 compensation increase reflects JPMorgan Chase's record-breaking results and Dimon's leadership in navigating challenges such as the regional bank turmoil and the acquisition of First Republic Bank. The increase is in line with other major bank CEOs and may have implications for JPMorgan's succession planning and long-term strategic direction.