JPMorgan’s CEO Just Got a Nice Raise

JPMorgan CEO Jamie Dimon must be excited cause the company has raised his pay 5.4% to $29.5 million.

The company published a regulatory filing this week that showed the CEo had received $29.5 million for his work last year. This is an increase of 5.4% compared to 2016’s pay of $28 million.

This was his second biggest pay since 2007. He has been the company’s CEO in 2005.

The CEO and Chairman’s pay included a $5 million cash bonus, $1.5 million salary and $23 million of restricted stock. He will earn the stock if JPMorgan reaches specific profit targets over the next three years.

According to The Financial Times, the company’s board members defended the bump in pay and said, “In determining Dimon’s compensation, the independent members of the board took into account the firm’s strong performance in 2017 and through the cycle, across four broad categories: Business Results; Risk, Controls & Conduct; Client/Customer Focus; and Teamwork & Leadership.”

Disclaimer: We have no position in JPMorgan Chase & Co. (NYSE: JPM) and have not been compensated for this article.