JPMorgan board raises Dimon's compensation to $31 million

NEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon is receiving a 5 percent raise, bringing his total 2018 compensation to $31 million, the company said in a filing on Thursday.

Jamie Dimon, CEO of JPMorgan Chase speaks to the Economic Club of New York in the Manhattan borough of New York City, New York, U.S., January 16, 2019. REUTERS/Carlo Allegri

In setting the figure, independent members of the JPMorgan board took into account “the firm’s strong performance in 2018 and through the cycle” in categories including business results, risk, controls and conduct, customer focus and leadership, the filing said.

JPMorgan reported record net income of $32.5 billion in 2018 and a return on tangible common equity of 17 percent, the filing noted.

JPMorgan is the first major U.S. bank to disclose compensation for 2018 performance.

The package for Dimon, 62, includes an annual base salary of more than $1.5 million and performance-based incentive compensation of $29.5 million. His total compensation a year earlier was $29.5 million.

The bank also disclosed awards of restricted stock units to other top executives indicating their compensation for 2018.

Gordon Smith, co-president and CEO for Consumer & Community Banking, received $22 million, up 10 percent from a year earlier.

Daniel Pinto, co-president and CEO of the Corporate & Investment Bank, received $22 million, up 5 percent.

Mary Erdoes, CEO for Asset & Wealth Management, received $20.5 million, up 5 percent.

Chief Financial Officer Marianne Lake received $15 million, up 11 percent.

Doug Petno, CEO for Commercial Banking, received $12.75 million, up 6 percent.

Reporting by David Henry in New York; Editing by Phil Berlowitz and Richard Chang