JP Morgan boss Jamie Dimon pay rises to $20m in 2013

Mr Dimon, pictured at the World Economic Forum in Davos Mr Dimon, pictured at the World Economic Forum in Davos

The chairman and chief executive of JP Morgan, Jamie Dimon, will be paid $20m (£12.1m) for the past year's work.

Mr Dimon's pay was cut to $11.5m in 2012 following huge trading losses. This was half the $23m he received in 2011.

JP Morgan's profits fell 16% last year, after costs resulting from legal issues dented the bank's figures.

For 2013, Mr Dimon was paid $1.5m as a basic salary, and an additional $18.5m in shares, the company said.

Over the past year, JP Morgan has paid around $20bn to regulators for various violations relating to the US financial crisis.

London whale

Mr Dimon's pay was initially cut after the so called "London Whale" trading loss, in which a single JP Morgan trader wracked up losses of $6bn.

The bank has also been caught up in another high-profile banking scandal - the manipulation of a key interest rate, the London inter-bank offered rate, or Libor.

It also had to pay fines totalling $2.6bn to settle government and private claims resulting from its handling of the accounts of the convicted fraudster Bernie Madoff. The bank was accused of not reporting its concerns about Madoff's investment scheme.

JP Morgan's net income fell 7.3% for the fourth quarter of 2013 to $5.3bn (£3.22bn), from $5.7bn in the final quarter of 2012.

More on This Story

Big Banking

Related Stories

More Business stories

RSS

Features

From BBC Capital

Programmes

  • Papers Please gameClick Watch

    Meet the ‘bedroom programmer’ whose game has sold half a million copies and won a Bafta

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.