JP Morgan's CEO Jamie Dimon gets a $23 million pay package
A week after JP Morgan suffered a $2 billion (and counting) loss from hedge fund trading, its Chairman and CEO, Jamie Dimon was awarded a $23 million pay package at the company’s shareholder meeting.
The massive trading loss led to the departure of JP Morgan’s chief investment officer, Ina Drew, and forced Mr. Dimon to repeatedly apologize for the bank’s actions.
The irony of the new package was not lost on a few protesters outside the Tampa meeting. In addition, shareholders voted on a proposal for an independent chairman, which would have stripped Dimon of some of his power.
The bank’s board of directors were able to beat back the effort however, stating that such a move could cause “uncertainty, confusion and inefficiency in board and management function and relations.”
The massive loss, while dramatic, will not throw JPMorgan – the country’s biggest bank – into crisis mode, as they expect to turn a multi-billion dollar profit this year, even with the loss.
The bank’s stock, fell steeply on Friday, but rose almost 3% in trading on Tuesday, and is up 11% this year.
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