JPMorgan Chase's Jamie Dimon Gets a Raise After Bank Paid $20 Billion in Fines for Breaking Laws
Photo Credit: Melpomene
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The board of JPMorgan Chase has voted to give a raise to Jamie Dimon, the chairman and chief executive of the multinational bank, after the firm paid upwards of $20 billion in penalties to the federal government for its role in the 2008 financial crisis and another $920 million for violating security laws in 2012.
Dimon had initially had his pay cut from a high of $23.1 million in 2011--the highest ever awarded to the head of a bank--to a paltry $11.5 million last year. A minority of board members wanted to keep the chairman's compensation package unchanged, but they were outvoted by a cadre of other members who believed Dimon had exhibited masterful "stewardship" of the bank during a difficult period.
As of yet, no details have been released indicating how high Dimon's raise will climb. However, it is assured that he will continue to be among the highest paid bankers in America.