Jamie Dimon Just Got Paid

We’re guessing inflation isn’t going to be as much of an issue for JP Morgan CEO Jamie Dimon as it has been for much of the American middle class. That’s what a cool $56 million payday can do for you, we guess…

The JPM boss just took home about $56 million of JPMorgan Chase & Co.’s stock, before taxes, as part of an incentive program that the bank had put into place just three years ago, according to a new report from Bloomberg.

JPM’s stock was valued at about half of what it is now, at the time the plan was set up. 

Dimon took home 398,708 shares last week, the report says, as a result of an award he was given in January 2019. When it was put into place, the award was made up of 243,697 shares, but at the time the company said it could rise by as much as 50% if the company hit performance milestones. 

For Dimon, it was a more than 10% increase from his prior year’s award, which was worth about $51 million last March. It was the biggest part of his compensation package for his work in 2018. Again, there’s nothing quite like being able to outpace record inflation…

Joe Evangelisti, a JPMorgan spokesman, told Bloomberg: “This is highly restricted performance-based compensation granted and reported three years ago.”

The package will do well to help support Dimon’s $2 billion net worth. And hey, if you’re struggling at home with inflation yourself, here’s a feather in your cap: Dimon didn’t get to keep all of the $56 million; more than half of the shares were withheld last week for taxes, Bloomberg wrote. 

Nothing like sticking it to the man!