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You are here News Economy JP Morgan boss Jamie Dimon pay rises to $20m in 2013

JP Morgan boss Jamie Dimon pay rises to $20m in 2013

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Jamie DimonThe chairman and chief executive of JP Morgan, Jamie Dimon, will be paid $20m (£12.1m) for the past year's work.

Mr Dimon's pay was cut to $11.5m in 2012 following huge trading losses. This was half the $23m he received in 2011.

JP Morgan's profits fell 16% last year, after costs resulting from legal issues dented the bank's figures. For 2013, Mr Dimon was paid $1.5m as a basic salary, and an additional $18.5m in shares, the company said. Over the past year, JP Morgan has paid around $20bn to regulators for various violations relating to the US financial crisis.

Mr Dimon's pay was initially cut after the so called "London Whale" trading loss, in which a single JP Morgan trader wracked up losses of $6bn.

The bank has also been caught up in another high-profile banking scandal - the manipulation of a key interest rate, the London inter-bank offered rate, or Libor.

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