JPMorgan Halves Dimon Pay, Says CEO Responsible for Lapses

Beached Whale

JPMorgan Chase CEO Jamie Dimon had his pay cut by half after a review of losses at the bank’s Chief Investment Office found he bears responsibility for the blunders.

Bloomberg reports that the CEO’s compensation for 2012 is $11.5m, the New York-based bank said Wednesday on its website, compared with $23m a year earlier. The 2012 sum includes a $1.5m salary and $10m of incentive compensation.

'Mr. Dimon bears ultimate responsibility for the failures that led to the losses in CIO and has accepted responsibility for such failures', the firm said day on its website after spending about eight months reviewing what Dimon, 56, has called 'egregious mistakes' at the CIO.

Hit the link below to access the complete Bloomberg article:

JPMorgan Halves Dimon Pay, Says CEO Responsible for Lapses

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