Business and Finance

JP Morgan boss Jamie Dimon pay rises to $1.6m per month in 2013

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The chairman and chief executive of JP Morgan, Jamie Dimon, will be paid $20m (£12.1m) for the past year’s work.

Mr Dimon’s pay was cut to $11.5m in 2012 following huge trading losses. This was half the $23m he received in 2011.

JP Morgan’s profits fell 16% last year, after costs resulting from legal issues dented the bank’s figures.

For 2013, Mr Dimon was paid $1.5m as a basic salary, and an additional $18.5m in shares, the company said.

Over the past year, JP Morgan has paid around $20bn to regulators for various violations relating to the US financial crisis.

London whale

Mr Dimon’s pay was initially cut after the so called “London Whale” trading loss, in which a single JP Morgan trader wracked up losses of $6bn.

The bank has also been caught up in another high-profile banking scandal – the manipulation of a key interest rate, the London inter-bank offered rate, or Libor.

It also had to pay fines totalling $2.6bn to settle government and private claims resulting from its handling of the accounts of the convicted fraudster Bernie Madoff. The bank was accused of not reporting its concerns about Madoff’s investment scheme.

JP Morgan’s net income fell 7.3% for the fourth quarter of 2013 to $5.3bn (£3.22bn), from $5.7bn in the final quarter of 2012.

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