Reuters
- JPMorgan’s CEO Jamie Dimon earned $31.5 million from the baking giant in 2020, it announced on Thursday.
- He received a $1.5 million salary, $5 million cash bonus, and $25 million of restricted stock tied to performance.
- Dimon has repeatedly said that income inequality is a massive problem in the US.
- Visit Business Insider’s homepage for more stories.
JPMorgan’s CEO Jamie Dimon, who in 2019 decried income inequality, was paid $31.5 million in 2020, the bank announced on Thursday.
JPMorgan paid Dimon a salary of $1.5 million, as well as a $5 million cash bonus and $25 million of restricted stock tied to performance, according to a regulatory filing. He was also paid $31.5 million in 2019, Reuters reported, which was a 1.6% increase from the $31 million he received in 2018.
The company smashed past analyst predictions for its 2020 fourth-quarter earnings and revenue per employee surged 22% during the year – but it spent an average of only 1% more on each employee in 2020, Bloomberg reported. Wall Street banks increased average pay per employee by just $271 over the year, the report said.
JPMorgan’s fourth-quarter earnings, released January 15, showed a revenue of $30.2 billion versus analysts’ estimates of $28.7 billion. The banking giant’s net income rose by 42% to $12.14 billion, driven by its release of $2.9 billion in credit reserves.
Dimon, who has a net worth of $1.7 billion, warned in an interview on CBS’ 60 Minutes in November 2019 that the wage gap between the rich and the poor was a “huge problem” and that people were being “left behind.”
After being asked whether his salary was too high and if he would return some of it, Dimon responded: “I could. Is that gonna solve any of those problems?”
—60 Minutes (@60Minutes) November 11, 2019
In March 2019, Dimon said income inequality had “bifurcated the economy” in America, CNBC reported. His comments came just after JPMorgan pledged $350 million to help people in poorer communities.
“I don’t want to be a tone deaf CEO,” Dimon said at the time. “While the company is doing fine, it is absolutely obvious that a big chunk of [people] have been left behind.
“40% of Americans make less than $15 an hour. 40% of Americans can’t afford a $400 bill, whether it’s medical or fixing their car. 15% of Americans make minimum wages, 70,000 die from opioids [annually],” he told CNBC.
Dimon, who had emergency heart surgery in March, was reportedly floated for the position of treasury secretary in President Joe Biden’s administration before the election.
Speaking at an event in 2018, Dimon claimed that he could “beat Trump” in an election. He also took a stab at President Donald Trump’s personal wealth.
“And by the way, this wealthy New Yorker actually earned his money,” Dimon said, referring to himself. “It wasn’t a gift from daddy.”
Insider has approached JP Morgan for a comment from Dimon.
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