Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
JPMorgan Chase lifted Jamie Dimon’s pay 10 per cent to $43mn for 2025, a record package for the long-serving chief executive.
In a regulatory filing on Thursday, JPMorgan said Dimon, 69, was paid $1.5mn in base salary and a $41.5mn bonus. Dimon, who has run JPMorgan since 2006, earned $39mn in 2024. The bonus was comprised of $5mn in cash and a stock award equal to $36.5mn.
JPMorgan reported full-year net income of $57bn last year, down 2 per cent from 2024 but still the second straight year that the bank has generated more than $1bn a week in profits. JPMorgan shares rose about 34 per cent last year.
Dimon’s overall net worth is pegged by Forbes at about $2.8bn, much of which is in JPMorgan stock.
JPMorgan’s board of directors pointed to record revenues at the bank last year as well as the “competitive environment” in determining Dimon’s pay.
“As part of their evaluation and determination, the board considered Mr Dimon’s continued development of top executives to lead for today and the future, his continued commitment to shareholders and his long-standing exemplary leadership of a premier financial services firm,” the bank wrote in its filing.
Dimon is typically one of the banking industry’s highest-paid executives. The question of his eventual successor is a frequent topic of speculation on Wall Street, though he says he has no immediate plans to step down.
The list of possible successors has evolved multiple times over the years and the current frontrunners are a trio of top executives: Douglas Petno and Troy Rohrbaugh, co-heads of JPMorgan’s vast commercial and investment bank, and Marianne Lake, who runs its Chase retail business.
The pay was disclosed on the same day President Donald Trump filed a lawsuit against JPMorgan and Dimon, seeking at least $5bn in damages over claims the bank unfairly closed his accounts for political reasons.
JPMorgan, the largest US bank with more than $4tn in assets, said the lawsuit had no merit.
Despite the lawsuit, the industry has benefited from the Trump administration’s deregulatory agenda, helping to boost the share prices of large US banks.