JPMorgan Chase has raised CEO Jamie Dimon’s compensation for 2024 to $39 million, according to a Securities and Exchange Commission filing Thursday.
The 8.3% pay boost – from $36 million in 2023 – puts Dimon on par with Goldman Sachs CEO David Solomon as the best-paid chief executive among the six largest systemically important U.S. banks. Goldman last week disclosed that it gave Solomon a 25.8% raise, in addition to a one-time $80 million retention bonus.
Dimon’s pay package consists of a $1.5 million annual base salary, a $5 million cash bonus and $32.5 million in variable performance share units.
“During the year, under Mr. Dimon's stewardship, the Firm continued to serve clients and customers against a dynamic global macro backdrop characterized by ongoing geopolitical tensions and economic uncertainty,” JPMorgan said in its filing.
JPMorgan’s board evaluated Dimon's leadership in developing executives, the bank’s financial performance, and the CEO’s commitment to shareholders, according to the filing.
The bank saw $180.6 billion in revenue in 2024, along with $58.5 billion in net income, and a 22% return on tangible common equity. The bank raised $2.8 trillion in credit and capital and maintained a 15.7% common tier 1 ratio, the board noted.
Additionally, Dimon in 2024 named Jennifer Piepszak – historically seen as a front-runner to become JPMorgan’s next CEO – as co-CEO of the bank’s commercial and investment bank, alongside Troy Rohrbaugh. At the same time, the bank appointed Marianne Lake to lead its consumer and community banking division.
More recently, the bank tapped Piepszak as its next chief operating officer, and elevated Doug Petno, the bank’s co-head of global banking, into Piepszak’s commercial and investment banking role. Piepszak, who is replacing the bank’s retiring No. 2 executive, Daniel Pinto, then expressed a preference not to be considered for the CEO role “at this time.”
Dimon and his family plan to sell roughly 1 million of their 7.5 million JPMorgan shares, the company disclosed Thursday. Dimon did much the same last year, though the company added Thursday he has no intention to execute further sales at this time.
JPMorgan is the second bank to report CEO compensation this year. Bank of America, Citi, Wells Fargo and Morgan Stanley are expected to follow by the end of next month.
Morgan Stanley’s former CEO, James Gorman, ranked as the highest-paid chief executive in 2023 at the top six U.S. banks, with $37 million.