JPMorgan will let Jamie Dimon collect about $37m in stock options created during the financial crisis, as the board stands by its leader after risk-management lapses and billions of dollars in legal settlements.
Last year, the firm delayed vesting by 18 months to address flawed internal controls exposed by botched derivatives bets. JPMorgan resolved a variety of probes in the months that followed.
The board 'decided not to further defer the vesting of these options at the July 2014 meeting', Joe Evangelisti, a spokesman for the bank, said after the vesting of the grant was disclosed in a regulatory filing.
Since the package’s creation, JPMorgan has become the nation’s largest lender, acquiring Bears Stearns Cos. and Washington Mutual’s bank units at the height of the crisis. As Dimon, 58, navigated the regulatory setbacks, the board signalled support for his work as CEO and chairman, boosting his pay 74% to $20m in January.
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