NEW YORK (Reuters) – JPMorgan Chase & Co CEO Jamie Dimon will not receive an increase in his annual pay and will receive $ 31.5 million for his work in 2020, the bank said Thursday.
Dimon’s total compensation will include the same annual base salary of $ 1.5 million and a performance-based incentive of $ 30 million, according to a regulatory statement.
The bank said the directors based the compensation decision on “strong company performance” last year during the coronavirus pandemic and over the long term on business results, risk controls and conduct; attention to the customer, the customer and stakeholders; and teamwork and leadership.
The logic provided by the board was similar to that offered for Dimon’s compensation for 2019.
Under Dimon, who will turn 65 in March, JPMorgan produced a net profit of $ 29.1 billion for 2020, down from $ 36.4 billion a year earlier and a 14% return on tangible equity, down from 19%.
The profits of JPMorgan and other banks have been hurt by massive expense provisions for expected loan losses due to the pandemic’s grip on the economy. Low interest rates promoted by the Federal Reserve to support the economy also reduced lending margins.
Reporting by David Henry in New York; Editing by Chris Reese and Jonathan Oatis