JPMorgan CEO Jamie Dimon's pay increased to $48.4 million for 2023

JPMorgan Chase CEO Jamie Dimon's pay raised to $36 million for record-breaking 2023 profits, making him the highest-paid bank CEO.

JPMorgan Chase announced that CEO Jamie Dimon's pay for 2023 will be a whopping $36 million, making it the highest profit in the history of American banking. This includes a $1.5 million salary and $34.5 million in performance-based incentive compensation. This is a 4.3% increase from his 2022 pay of $34.5 million.

The board praised Dimon for his leadership, stating that the company is fortunate to be led by such a talented and experienced executive. They highlighted his ability to grow the company, maintain market leadership, strengthen the firm's reputation, invest in future opportunities, promote diversity and best practices, manage risk, and develop great leaders while maintaining a focus on clients.

JPMorgan's success in 2023 was attributed to pulling in $49.6 billion, boosted by the Federal Reserve's interest rate hikes and the purchase of First Republic Bank. The bank's shares also rose by 27%, outperforming all major rivals.

Dimon, who has been in his role for 18 years, is often the highest-paid CEO among his peers and is planning to sell one million of the bank's shares for financial diversification and tax-planning purposes. Despite his long tenure, he has joked about staying in his seat for five more years, but has also expressed the understanding that he can't do it forever.

At 67 years old, Dimon remains intense in his role and has not indicated any plans to retire soon. He has stated that when he no longer has the same intensity, he will consider stepping down.