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Dimon’s total compensation will include an annual base salary of $1.5 million and performance-based incentive pay of $33 million, according to a regulatory filing.
“There was no special award granted to Mr. Dimon in 2022 and the Board has committed to not grant any special awards to him in the future,” the filing added.
JPMorgan Chase (NYSE:JPM) said its directors based the pay decision on the bank’s performance in 2022 as it navigated “significant challenges of strong competition, growing geopolitical tensions, global economic uncertainty, mounting inflation and higher rates, and the lingering impacts of COVID-19”.
Wall Street’s biggest banks saw profits dwindle in 2022 and have stockpiled more rainy-day funds as well as cut jobs to rein in costs as they prepare for a possible recession.
Under Dimon, who turns 67 in March, JPMorgan reported annual profit of $37.7 billion last week, a more than 20% decline from the previous year, when fees from investment banking had set records.
