JPMorgan has donated $ 25m in stock options to promote lieutenant Jamie Dimon

JPMorgan Chase has presented Daniel Pinto, chief lieutenant to Chief Executive Officer Jamie Dimon, with a “special prize” of the 750,000 banned shares that he shares about $ 25m on what the US bank said he wanted to keep.

JPMorgan, the largest U.S. bank and commodity bank, said in a statement on Tuesday that it was offering the prize as a “commodity” that could be used at $ 159.09 per share, the average price of JPMorgan. Monday.

The right to gratitude helps Pinto, the bank’s president and chief executive officer, to make a profit if JPMorgan’s assets rise above that level in the coming years.

The decision, which is under clawback and recovery, could be implemented in December 2026 and should be held until December 2031.

JPMorgan insider predicts that the decision will cost $ 25m at the time of delivery, according to people who briefly briefed them on the matter. The Argentine-born Pinto, who spent most of his career at JPMorgan, received $ 24.5m last year.

The bank said the award reflects the desire of the committee to clean up the mess and keep Pinto in office for “many years”.

The award also joins Pinto as the bank’s sole president and head of operations, the bank said, following Gordon Smith’s departure at the end of the year. Pinto also manages the JPMorgan banking sector, which last year made up about 40 percent of the total bank account.

He lived in London in recent years but will move to New York in 2022.

“It makes sense to him personally and professionally as he continues to spend a lot of time with me and other members of the working committee and advising on priorities and changes,” Dimon wrote in a letter to staff Tuesday about Pinto’s move. in New York, which was observed by the Financial Times.

Pinto is considered to be the one who could expect to be JPMorgan’s boss if Dimon – one of the longest-serving CEOs on Wall Street – leaves for a short time. Advertisers JPMorgan veterans Marianne Lake and Jennifer Piepszak are among those who could be in the long run. successors at Dimon.

Earlier this year, JPMorgan given Dimon’s special recognition award is expected to be around $ 49m.

The bank is also planning to offer more bonuses to savings banks after a well-known year of trading on Wall Street.