Wall Street Emperor's Reduced Bonus of 42.6 Billion Won

Jamie Dimon, Chairman of JPMorgan Chase

[Asia Economy Reporter Lee Ji-eun] Jamie Dimon, chairman of JP Morgan Chase, the largest bank in the United States, reportedly received a bonus of $34.5 million (426.765 billion KRW) for his performance in 2021.

According to The Wall Street Journal (WSJ), Dimon received $34.5 million as compensation for his performance in the previous year, along with an additional $50 million retention bonus paid to bank executives. The bonus reportedly included a $1.5 million salary and a $5 million cash performance bonus.

Although the bonus is astronomical in scale, it is significantly reduced compared to the original amount JP Morgan had planned. In May of last year, shareholders rejected a proposal at the general meeting to pay $218 million to six executives including Dimon. This was the first time in 10 years since the related system was introduced that the JP Morgan Chase board’s bonus payment proposal was rejected. However, the vote was non-binding. The proposal at the time included a special bonus of $52.6 million for Dimon and a guarantee of his term for at least five years. WSJ reported that the huge bonus he received sparked anger among shareholders.

Dimon, who is 66 years old this year, has led JP Morgan Chase since 2005 and has reigned as the emperor of Wall Street. During his tenure, he was recognized for his management performance and received large bonuses. In 2021, he was granted stock options worth $50 million, equivalent to 57.6 billion KRW. WSJ estimated that the number of stock options he has received but not exercised translates to more than 8.3 million shares.

This content was produced with the assistance of AI translation services.