By Dawn Kopecki and Michael J. Moore - Jan 21, 2012 7:09 AM GMT+0700
JPMorgan Chase & Co. left Chief Executive Officer Jamie Dimon’s pay package for 2011 almost unchanged at about $23 million after trimming stock and options awards, according to a person with knowledge of the decision.
JPMorgan, the largest and most profitable U.S. bank, paid Dimon $17.3 million in restricted stock and options for 2011, down from $17.4 million for 2010, including 337,032 restricted shares valued at about $12.3 million, according to regulatory filings today by the New York-based company. The package awarded 562,430 options valued by the firm at about $5 million, according to the person, who asked for anonymity because compensation matters are confidential.
Dimon, 55, led JPMorgan through the financial crisis without recording a single losing quarter and surpassed Bank of America Corp. last year as the largest U.S. lender. Net income advanced 9 percent to a record $19 billion in 2011, while the stock dropped 20 percent including dividends.
Total compensation for the year is expected to be about the same as 2010, the person said. Dimon may also receive a cash bonus for 2011 that hasn’t yet been disclosed.
The exact total of his stock payout may differ and will be disclosed when the company files its proxy statement later this year. Dimon’s restricted stock may be worth as little as $12 million based on the average price of $35.61 on Jan. 18, according to the person.
A $500,000 Raise
The board raised his annual base pay for 2011 in March to $1.5 million from $1 million. Dimon also received options proceeds on Jan. 19 of $195,869 and sold $4 million in shares on Jan. 13 as part of a regularly scheduled sale to cover taxes on restricted stock.
Dimon took the $1 million salary and gave up bonuses for 2008 -- the year when the financial crisis nearly toppled the banking system -- after receiving $49.9 million in total compensation for 2007, which included cash and restricted stock bonuses of $14.5 million each.
Dimon was paid $15.2 million for his work in 2009, according to the bank’s calculations.
To contact the reporters on this story: Dawn Kopecki in Washington at dkopecki@bloomberg.net; Michael J. Moore in New York at mmoore55@bloomberg.net
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net
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