NEW YORK, July 17 JPMorgan Chase & Co
said on Thursday that its board of directors allowed $36 million
of options previously awarded to Chairman and Chief Executive
Officer Jamie Dimon to vest.
The options were part of Dimon's 2008 compensation package
that became exercisable in January 2013. The bank's board
determined at that time that because of the bank's $6.2 billion
"London Whale" trading loss, it would defer vesting until July
2014 at the latest.
At its July meeting, the board decided the company has made
enough progress toward improving compliance and risk controls
that it should not prevent the options from being vested, said
JPMorgan spokesman Joseph Evangelisti.
The options were worth $36 million at Thursday's closing
price of $57.86, or 1.8 times the $20 million compensation
package Dimon received for 2013.
Dimon has no immediate plans to exercise the options,
(Reporting by Peter Rudegeair; Editing by Lisa Shumaker)