Bloomberg News

JPMorgan Chase Trims Chief Jamie Dimon’s Stock Payout for 2011

January 21, 2012

Jan. 20 (Bloomberg) -- JPMorgan Chase & Co., the largest and most profitable U.S. bank, paid Chief Executive Officer Jamie Dimon $17.3 million in restricted stock and options for 2011, slightly below the previous year.

The board awarded Dimon 337,032 restricted shares valued at about $12.3 million based on the Jan. 18 closing price, according to a filing today with the U.S. Securities and Exchange Commission. Dimon also received 562,430 options valued by the company at about $5 million, according to a person familiar with the calculations.

That compares with $17.4 million for 2010, including 251,415 restricted shares valued at $12.1 million and 367,377 options valued at $5.3 million, according to disclosures by the New York-based company.

His total compensation for 2011 will be about the same as last year, when he was awarded $23 million, according to the person, who declined to be identified because compensation matters are confidential.

Dimon, 55, may also receive a cash bonus for 2011 as well that hasn’t yet been disclosed. The board raised his annual base pay for 2011 in March to $1.5 million from $1 million.

He 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.

He 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.

--Editors: Rick Green, William Ahearn

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


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus