JPMorgan CEO Jamie Dimon’s total compensation tumbled 37% to $11.8m in 2013, regulatory filings released on Wednesday reveal, as the largest U.S. bank by assets grappled with a myriad of regulatory headaches.
Fox Business reports that Dimon’s pay cut, which was driven in part by a lack of stock option rewards, occurred as JPMorgan faced, and ultimately settled, countless crisis-era legal issues that cost shareholders dearly.
'The most painful, difficult and nerve-wracking experience that I have ever dealt with professionally was trying to resolve the legal issues we had this past year', Dimon said in his 2013 letter to shareholders that was also released on Wednesday.
Securities and Exchange Commission filings show that while Dimon’s 2013 salary was flat at $1.5m, his stock awards dipped by $2m to $10m and he received no option awards, compared with $5m during each of the prior two years.
Dimon also received $291,833 in 'other' compensation, compared with $170,020 in 2012. That brought his total compensation to $11.8m, down from $18.7m in 2012.
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