JPMorgan board raises CEO Dimon's pay to $31.5 million

FILE PHOTO: Jamie Dimon, chairman & CEO of JP Morgan Chase & Co., speaks during the Bloomberg Global Business Forum in New York City, New York, U.S., September 25, 2019. REUTERS/Shannon Stapleton

(Reuters) - JPMorgan Chase & Co JPM.N Chief Executive Officer Jamie Dimon got a half-million-dollar raise for 2019, bringing his total compensation for the year to $31.5 million, the company said in a filing on Thursday.

That was a 1.6% increase from the $31 million he received for 2018. The bank said it was based on its strong performance last year and “over the long term,” according to the filing. The bank said its board of directors considered the bank’s business results, risk controls and conduct, client, customer and stakeholder focus and teamwork and leadership when determining Dimon’s pay.

Under Dimon, JPMorgan reported net income of $36.4 billion for 2019, up from $32.5 billion a year earlier, and a return on tangible common equity of 19%, up from 17% in 2018.

Dimon's raise stands in contrast to the pay cut that Morgan Stanley's MS.N board delivered to its chief executive, James Gorman, reducing his pay by 7% for 2019 as the bank trimmed incentive compensation firm-wide in an effort to reduce expenses. Even so, Gorman is richly compensated, receiving $27 million for 2019.

Dimon’s pay package consists of an annual base salary of $1.5 million and performance-based incentive of $30 million, according to the regulatory filing.

The bank also disclosed awards of restricted stock units to other top executives indicating their compensation.

Gordon Smith, co-president and CEO of Consumer & Community Banking, and Daniel Pinto, co-president and CEO of the Corporate & Investment Bank, each received $22.5 million in total compensation, up 2.3% from a year ago.

Mary Erdoes, CEO for Asset & Wealth Management, received $21 million, up 2.4%. Marianne Lake, CEO of consumer lending, received more than $15.3 million, up 2.3%. Doug Petno, CEO for Commercial Banking, received more than $13 million, up 2.4%.

Chief Financial Officer Jennifer Piepszak received $10 million in total compensation.

Reporting by C Nivedita in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Arun Koyyur and Leslie Adler