JPMorgan Chase & Co (NYSE:JPM) has given its chief executive officer Jamie Dimon a 9.5% pay rise, increasing his total salary for 2021 to US$34.5mln.
Dimon's compensation comprises an annual base salary of US$1.5mln and performance-based incentive pay of US$33mln, according to a regulatory filing.
JPMorgan said the decision to award the pay rise was based on the bank's performance in 2021, when it was dealing with the challenges from the COVID-19 pandemic. It also cited Dimon's work on risk and controls, interests of customers and stakeholders and teamwork and leadership.
JPMorgan reported a record-breaking net income of US$48.3bn in 2021, up from US$29.1bn the year before, bouncing back after expected loan losses from the pandemic that did not materialise.
Dimon did not get a salary increase the previous year.