Days after JP Morgan's Q4 earnings missed on seemingly every metric aside from compensation (which came in right at the top of the range), the bank has confirmed that CEO Jamie Dimon earned $31 million in compensation during 2018, a 5.1% increase from the prior year and his second-biggest annual haul ever.
To be sure, while JPM posted abysmal FICC trading results and other results that were "very un-JP Morgan like," as one analyst put it, the bank notched the highest profit in US banking history in 2018, thanks to Trump's tax reform plan, which has helped lift earnings across Wall Street (the bank took home $32.5 billion).
The bank also benefited from rising interest rates and its booming credit card business (unsurprising, as consumer debt has ballooned to all-time highs).
Here's a breakdown of Dimon's pay package, courtesy of Bloomberg:
Dimon’s pay package included $24.5 million of restricted stock tied to performance, an annual base salary of $1.5 million and a $5 million cash bonus, the New York-based bank said Thursday in a regulatory filing.
Dimon is currently overseeing a plan to expand JPM's retail-banking business into more states, while building a new headquarters in Manhattan.
The CEO's pay for 2018 was second only to the $49.9 million he earned during 2007, two years after taking the reins at the bank. Dimon promised in January to remain CEO for at least five more years. According to the Wall Street Journal, which cited data from MyLogIQ, the median pay for the 43 banking and financial CEOs was $12.1 million, which was in line with the median pay for the S&P 500 as a whole. Despite the drop in trading revenue, JPM reported EPS of $1.98 a share during Q4.