Another crisis and another good year for Jamie Dimon, CEO of JPMorgan Chase & Co., who has been paid more during the COVID-19 year since 2008. In the 2020 proxy statement filed Wednesday night, the Banking giant said Dimon’s total compensation for 2020 was $ 31.66 million, up from $ 31.61 million in 2019.
The JPM stock, + 1.57%, had lost 8.8% in 2020, compared to the 4.2% fall of the exchange-traded fund of the SPDR Financial Select Sector XLF, + 0.49% and the DJIA of the Dow Jones Industrial Average, + 0.05% 7.2% gain. Total compensation included a base salary of $ 1.50 million and a bonus of $ 5.00 million, both equal to 2019, while the value of stock awards increased to $ 25.00 million from $ 24.50 million . Also included in total compensation, the change in pension value and unqualified deferred compensation earnings decreased to $ 21,845 from $ 34,370, and “all other compensation” decreased to $ 142,709 from $ 578,246. For Dimon, all other compensation includes the costs of your spouse attending business-related events, where your spouse’s attendance is expected or customary. It also includes $ 35,714 for personal use of corporate aircraft, $ 38,900 for personal use of corporate cars, and $ 62,317 for the cost of security. Dimon’s compensation in 2020 was the largest since the 2008 financial crisis, when his total compensation was $ 35.76 million. Of course, in 2009, Dimon’s total compensation fell to a low of $ 1.32 million, as his bonus and the value of shares and option awards fell to zero. The indirect statement also revealed that the estimated median salary for JPMorgan Chase employees was $ 80,102 in 2020, which means that the CEO’s pay ratio was 395 to 1. That compares to the median income for employees at $ 80,431 in 2019, representing a CEO pay ratio of 393 to 1. and median employee income of $ 78,923 in 2018 for a CEO salary ratio of 381 to 1. As the CEO salary ratio continued to rise, Dimon had published his annual letter to shareholders earlier in the day, emphasizing that the US needed to acknowledge the problems that have led to a widening wealth gap. Don’t Miss: The US Economy Will Rock in 2023, But Inequality Must Be Addressed – Jamie Dimon in his latest letter to JPMorgan shareholders. Dimon also addressed racial inequality in his letter, and hours later, the bank’s board urged shareholders to vote against a racial fairness audit proposal. Shares in JPMorgan Chase, which fell 0.3% in pre-market trading on Thursday, are up 21.9% year-to-date through Thursday, while the financial ETF is up 18%. , 2% this year and the Dow is up 9.3%.