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JPMorgan Chase gives Jamie Dimon a “special prize” of 1.5m shares that can be said to reflect the board’s desire for one of Wallm’s longest-serving executives to stay in the bank for “many years”.
The board gives Dimon the option of “free stock options” that he can use at a median price on Tuesday for $ 148.73, which would give him a profit if the bank’s shares rise above the next few years.
JPMorgan insider predicts that the decision could benefit Dimon, a 65-year-old about $ 49m after paying 10 years, according to people familiar with the matter.
These options can be implemented from July 2026 and Dimon will be required to hold any shares until July 2031. JPMorgan said the shares will remain in place as long as Dimon continues to lead the bank, although he says there were “minor limitations” on the deal.
It also said the award includes what would allow the bank to repay shares in the future.
“In making this unique award, the committee saw the need for Dimon’s continued development, management of the company, continued leadership, and strategic planning in the middle of the professional competition,” JPMorgan said. standard filtering.
The Financial Times also reported in May that JPMorgan executives had been told that the committee wanted their long-serving boss to remain for another five to seven years.
This could extend the reign of Dimon, a cancer survivor who underwent heart surgery last year, for up to ten years.
Dimon, who has been the CEO of JPMorgan since 2005, has received special rewards from the bank in the past but this is the first one that is clearly tied to the balance by the lender.
The decision is not part of Dimon’s annual salary, which for 2020 amounted to $ 31.5m. Forbes says Dimon’s total revenue is $ 1.8bn.
The award comes just two months after JPMorgan promoted his successors, Marianne Lake, 51, and Jennifer Piepszak, 51, to lead a growing banking business, sparking speculation about when Dimon would resign.
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