Morgan CEO Gets Pay Hike on Higher Profit Fortunes

J.P. Morgan Chase (NYSE:JPM) CEO Jamie Dimon reportedly was awarded a 1.6% raise to $31.5 million for his work in 2019, after his bank posted record earnings and shares of the company surged.

A filing released Thursday reveals Dimon’s compensation package includes $1.5 million in salary and $30 million in performance-based incentives.

Of the $30 million in incentives, $5 million will be delivered in cash and $25 million will come in stock compensation, according the filing.

2019 was a banner year for J.P. Morgan, the biggest U.S. bank by assets. It produced $36.4 billion in profit last year, more than any bank in history, and shares climbed more than 40%, exceeding rivals and the broader indexes. The firm gained market share across retail banking and institutional businesses.

Dimon said last week that he still wants to run J.P. Morgan for another five years.

Morgan was also in the news earlier this week, by announcing Chase Card Services, the leading co-brand credit card issuer in the U.S., and United Airlines today introduced the all-new UnitedSM Business Card, designed to help business travelers maximize their miles.

The new card will offer two miles per $1 spent on local transit and commuting, in addition to two miles per $1 spent at gas stations, office supply stores, restaurants and United purchases.

Shares sank 64 cents to $135.91