JPMorgan Boosts CEO Dimon’s Pay to $20 Million

NEW YORK (AP) -

JPMorgan Chase almost doubled chairman and CEO Jamie Dimon’s pay for 2013, rewarding the executive for settling probes against the bank.

Dimon will receive total compensation of $20 million in 2013, consisting of $18.5 million in stock options and a base salary of $1.5 million, the bank said in a statement Friday.

That compares with total compensation of $11.5 million a year earlier, down from $23 million in each of the previous two years.

The bank said it took several factors into account when deciding on Dimon’s pay, including the “sustained long-term performance” of the bank, gains in market share and customer satisfaction and his handling of the legal issues facing the lender.

JPMorgan agreed in November to pay $13 billion in a settlement with the Department of Justice, and acknowledged that it misled investors about the quality of risky mortgage-backed securities ahead of the 2008 financial crisis. The bank was among the major lenders that sold mortgage-backed securities that plunged in value when the housing market collapsed in 2006 and 2007.

JPMorgan Chase & Co.’s stock price climbed $14.51, or 33 percent, to $58.48 in 2013, a bigger gain than Standard & Poor’s 500 index, which rose almost 30 percent.

The bank’s net income fell 16 percent, to $17.9 billion, in 2013, from $21.3 billion a year earlier.