JPMorgan Reported Record Profits Last Week; Says Its CEO was Paid $27Million in Fiscal 2015
Last week, JPMorgan announced annual profits that that touched a record level and the company said on Thursday, that Jamie Dimon its CEO was paid $27 million in fiscal 2015 which is an increase from the $20 million paid the year before. JPMorgan's perked up results was attributed to cost-cutting. It helped to balance the slowing growth in revenue.
Dimon was paid $7.4 million cash and $11.1 million stock as bonus last year. This year, his salary of $1.5 million still remained unaltered.
However, the stock awards this year are connected to new, three-year performance metrics. This system might lessen the criticisms that cropped up last year saying, the payments made to Dimon is not appropriately linked to his performance. Banks have been increasingly going in for job cuts and reduction in bonus as they struggle to keep up with a difficult market. ISS , the proxy advisory firm said last year before a controversial shareholder vote on the bank's pay system, JPMorgan "is now one of the few, if not the only, large financial institution that does not tie any element of CEO pay to achievement of goals for a specific metric or metrics."