JPMorgan awards Dimon 11% more in 2011
JPMorgan Chase, the largest US bank, paid Chief Executive Officer Jamie Dimon 11% more in 2011 as the bank had a second year of record profit.
Dimon earned about $20.8 million in 2010 and $23.1 million in 2011. Dimon's base salary grew by about the same amount that his bonus shrunk and Dimon was given about $4 million more in stock than the prior year.
Bonuses decreased for most executives at JPMorgan (NYSE: JPM). Dimon earned $500,000 less in bonuses, Chief Financial Officer Douglas Braunstein took home nearly $1 million less in bonuses. Mary Callahan Erdoes, chief executive officer of Asset Management, bucked the trend and earned a $100,000 larger bonus than last year.
Asset Management “achieved record revenues of $9.5 billion, a 6% increase over 2010 and the third consecutive year of growth,” the company said in its proxy. “Erdoes continued a focus on priorities that included maintaining strong financial and investment performance, growing AM's client franchise, investing in technology to support growth and achieve efficiencies, maintaining strong risk controls, and developing and retaining talent.”
Shares in the bank declined 22% during the year amid European debt, mortgage loss and litigation concerns, though the New York-based bank reported a record $19 billion net income in 2011, a year for which Dimon was one of the best paid bankers.
Bank of America (NYSE: BAC), the second largest US bank by assets, increased CEO Brian Moynihan's pay to $7.5 million, nearly six times his 2010 compensation, but still far less than that of Jamie Dimon. The third largest bank, Citigroup (NYSE: C), paid its Chief Executive Officer $14.86 million, a sizable increase from the year prior when Vikram Pandit worked for $1.
Dimon, Erdoes, and Investment Banking CEO James Staley earned more in 2011 than in 2010 while fellow JPMorgan executives Braunstein and CIO Ina Drew earned less than the prior year.
Staley's pay increased $4 million to $17.6 million as the firm's investment bank earned $6.8 billion. Braunstein earned about $3.6 million less than 2010, taking home $13.0 million and Ina drew earned about $500,000 less, with a $15.5 million pay package.
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