London Whale Soaks Jamie Dimon's Pocket Book (JPM)
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It has been months since news of the London Whale’s massive trading loss was reported, but J.P. Morgan (NYSE: JPM) CEO Jamie Dimon is still paying the price.
Today it was learnt that Dimon was hit with a 50 percent pay cut related directly to his role in the botched trades. While Dimon played little part in the actually trade, at JPM it seems the buck really does stop with its CEO.
The top earning Wall Street exec. in 2012, Dimon earned just $11.5 million in 2011 compared to 23.1 million in the previous year. J.P. Morgan's board also delayed vesting of two million in options. This puts his pay him at the bottom end of the range compared to other top bank executives and well below the new top dog, John Stumpf of Wells Fargo, who earned over $19 million.
Dimon’s compensation consisted of 1.5 million in salary and a bonus of $10 million, roughly 54 percent lower compared to 2011.
Today it was learnt that Dimon was hit with a 50 percent pay cut related directly to his role in the botched trades. While Dimon played little part in the actually trade, at JPM it seems the buck really does stop with its CEO.
The top earning Wall Street exec. in 2012, Dimon earned just $11.5 million in 2011 compared to 23.1 million in the previous year. J.P. Morgan's board also delayed vesting of two million in options. This puts his pay him at the bottom end of the range compared to other top bank executives and well below the new top dog, John Stumpf of Wells Fargo, who earned over $19 million.
Dimon’s compensation consisted of 1.5 million in salary and a bonus of $10 million, roughly 54 percent lower compared to 2011.
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