JPMorgan Chase chief executive Jamie Dimon got a 5 percent raise in 2018, receiving a compensation package worth $31 million thanks to the firm’s “strong performance.”
Continue Reading Below
The CEO received an annual base salary of $1.5 million and a “performance-based variable incentive compensation” of $29.5 million, according to a Thursday Securities and Exchange Commission filing. Dimon will receive $5 million of that in cash, and $24.5 million in the form of “performance share units.”
“In determining Mr. Dimon's compensation, the independent members of the Board took into account the Firm's strong performance in 2018 and through the cycle, across four broad categories: Business Results; Risk, Controls & Conduct; Client/Customer/Stakeholder Focus; and Teamwork & Leadership,” the company said in the filing.
The news follows JPMorgan’s fourth-quarter earnings report, which missed Wall Street’s expectations at $1.98 per share and a profit of $7.07 billion, despite gains from higher interest rates and a bump within its loan sector.
|JPM||JP MORGAN CHASE & CO.||108.48||+0.72||+0.67%|
The nation’s biggest bank cited weakness in bond trading, largely as a result of spikes in market volatility at the end of the year.
JPMorgan’s share price has dropped about 9 percent over the last year.