JPMorgan gives boss $17m stock bonus
NEW YORK — JPMorgan Chase & Co. has granted chief executive Jamie Dimon stock and options worth $17 million, just a month after one of Wall Street’s largest banks posted a big jump in quarterly earnings.
Dimon’s bonus follows huge compensation boosts earlier this month for the heads of Goldman Sachs Group and Citigroup, as many big banks — and their stocks — have rebounded from the financial crisis.
The New York bank said in a regulatory filing yesterday that it granted Dimon 251,415 restricted stock units, of which half vest in January 2013 and the rest the following year. Based on the stock’s closing price Wednesday, the day the units were granted, the award is worth $12.1 million.
Dimon, 54, also received 367,377 stock appreciation rights, which have a 10-year term and become exercisable in five installments staring next January. The rights are valued at about $5 million.
Dimon’s salary and other compensation weren’t disclosed in yesterday’s filing.
JPMorgan Chase pleased investors in January with news that it will raise its dividend soon, pending approval from the Federal Reserve.
Last month, Goldman Sachs more than tripled the salary of chief executive Lloyd Blankfein to $2 million, not including stock awards. Citigroup gave its top executive, Vikram Pandit, a salary raise to $1.75 million, from just $1 the previous year.
Bank of America Corp., however, has said it won’t give its top executive a raise for 2011. Chief executive Brian Moynihan’s salary will remain $950,000 for 2011, though he could get up to $9.05 million in stock awards if the nation’s largest bank by assets hits performance targets.
