The New York Times reports that JPMorgan’s board voted this week to increase Dimon’s annual compensation for 2013, hashing out the pay package after a series of meetings that turned heated at times, according to several executives briefed on the matter.
The raise - the details were not made public on Thursday - follows a move by the board last year to slash Dimon’s compensation by half, to $11.5m.
When it made that deep pay cut, the board was giving a stern rebuke over the fallout from the 'London Whale' multibillion-dollar trading blunder. This week, directors, gathered in a conference room at the bank’s Park Avenue headquarters overlooking a snow-covered Central Park, discussed what message their next decision on the bank chieftain’s compensation would send.
The debate pitted a vocal minority of directors who wanted to keep his compensation largely flat, citing the approximately $20bn in penalties JPMorgan has paid in the last year to federal authorities, against directors who argued that Mr. Dimon should be rewarded for his stewardship of the bank during such a difficult period. During the meetings, some board members left the conference room to pace up and down the 50th-floor corridor.
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