Market Analysis

Image Credit: Reuters

JPMorgan Chase announced on Thursday that CEO Jamie Dimon's 2024 pay package increased by approximately 8.3%, reaching $39 million, as the bank achieved record profits fueled by a resurgence in dealmaking and fundraising.  

Dimon's compensation included a $1.5 million base salary and $37.5 million in performance-based incentives.  

JPMorgan’s profit hit an all-time high in 2024, with its dealmakers and traders benefiting from a strong market recovery in the fourth quarter. In comparison, Dimon earned $36 million in 2023 and $34.5 million in both 2021 and 2022, during a period marked by economic uncertainty, geopolitical challenges, and the aftereffects of the COVID-19 pandemic.  

Other top executives at JPMorgan also saw their compensation increase by 4% to 21% in 2024.  

Dimon’s pay matched that of Goldman Sachs CEO David Solomon, who also earned $39 million for 2024.  

As one of the most influential CEOs in the banking sector, Dimon has held the position for 19 years, far longer than many of his peers. He has indicated he may step down within the next five years.  

The board has identified several potential successors, including Marianne Lake, CEO of Consumer and Community Banking; Troy Rohrbaugh, co-head of the Commercial and Investment Bank; and Mary Erdoes, CEO of Asset and Wealth Management.  

Meanwhile, senior executive Jennifer Piepszak has withdrawn her name from consideration for the CEO role, the bank revealed earlier this month.

Paraphrasing text from "Reuters" all rights reserved by the original author.