January 28, 2014
Leaks from the JPMorgan Boardroom: Raising Jamie Dimon’s Pay
– Broc Romanek, CompensationStandards.com
Last week, there were numerous front page articles about how JPMorgan CEO Jamie Dimon’s pay went up after a tough year for the company. Perhaps most interesting is the description of how the compensation committee meetings have gone down – pretty wild that this type of information is being leaked to the press! How does that happen?
This NY Times article notes “hashing out the pay package after a series of meetings that turned heated at times, according to several executives briefed on the matter.” The article also noted: “The debate pitted a vocal minority of directors who wanted to keep his compensation largely flat, citing the approximately $20 billion in penalties JPMorgan has paid in the last year to federal authorities, against directors who argued that Mr. Dimon should be rewarded for his stewardship of the bank during such a difficult period. During the meetings, some board members left the conference room to pace up and down the 50th-floor corridor.”
Also check out the video on Sallie Krawcheck on JPMorgan’s billions in fines: “A Real Cost of Doing Business.”