(Bloomberg) -- JPMorgan Chase & Co. kept Chief Executive Officer Jamie Dimon‘s total compensation unchanged at $31.5 million for his work in 2020, a year in which a global pandemic roiled the economy and caused banks to set aside billions to cover future bad loans.
The pay package includes $25 million of restricted stock tied to performance, an annual base salary of $1.5 million and a $5 million cash bonus, the New York-based bank said Thursday in a regulatory filing. Dimon has run the company since the end of 2005 and is the last of the CEOs who steered banks through the financial crisis and is still at the helm.
The move is a signal that the biggest U.S. bank is focusing on keeping costs down amid uncertainty about the prospects for the economy. JPMorgan’s annual profit fell 20% to $29.1 billion in 2020 as it set aside billions of dollars in the first half to cover future soured loans. Still, the clouds started to part as the year wore on: JPMorgan made more money in the fourth quarter of 2020 than it ever has in three months thanks to a jump in revenue from its trading and banking businesses. In 2019, the firm notched the highest profit in U.S. banking history for the second year in a row.
Dimon, 64, is the most prominent executive in global banking, serving as a spokesman for the industry and leading a juggernaut of both Wall Street and consumer lending. In March, he underwent emergency heart surgery and temporarily handed control of the largest U.S. bank to lieutenants just as the coronavirus started rattling markets and the global financial system. He’s been the best-paid of the major U.S. bank CEOs since 2016 and he’s the first of that group to disclose 2020 pay.
In setting Dimon’s pay, “the board took into account the firm’s strong performance in 2020 and over the long term, across four broad dimensions: business results; risk, controls and conduct; client/customer/stakeholder; and teamwork and leadership,” according to the filing.
(Updates with quote in fifth paragraph. An earlier version of this story was corrected to show JPMorgan is first of big banks to disclose CEO pay.)