Report: JPMorgan set to give Dimon pay hike despite legal woes

Written By limadu on Jumat, 24 Januari 2014 | 21.29

jamie dimon

Reports say JPMorgan Chase CEO is in line for a raise for 2013, despite the banks' many legal woes.

NEW YORK (CNNMoney)

The New York Times reported that the board of JPMorgan Chase (JPM, Fortune 500) has approved the increase for 2013, although it did not give any details on the amount of the increase. It said the compensation package could be disclosed as soon as Friday. JPMorgan spokesman Joseph Evangelisti said he could not comment on the report.

Dimon, CEO and chairman, had his 2012 pay slashed by about half to $11.5 million after JPMorgan suffered estimated trading loss of nearly $6 billion during the year attributed to a London trader known as the London Whale.

During 2013 the bank agreed to pay $1 billion in fines to U.S. and UK regulators for lack of proper oversight of its traders related to that loss.

But that was only a fraction the fines and legal expenses the bank shelled out during the year for a variety of transgressions.

SNL Financial estimates that total payouts by the bank came to $18.6 billion for 2013 alone, as well as more than $1 billion in attorney costs during the year.

Provisions for those payments forced the bank to report a loss in the third quarter, the first of Dimon's tenure as CEO. For the full year, the bank reported net income of $17.9 billion, down 16% from the previous year. But shares increased 33% during the year.

Dimon had been the top paid bank CEO in 2011 before the problems of the last two years. To top of page

First Published: January 24, 2014: 8:31 AM ET


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