JPMorgan CEO Dimon's 2024 pay rises after record profit

By Pritam Biswas and Nupur Anand

NEW YORK (Reuters) -JPMorgan Chase said on Thursday that long-serving CEO Jamie Dimon's 2024 pay package climbed about 8.3% to $39 million after the bank posted a record profit amid a revival in dealmaking and fundraising activities.

His compensation included a base salary of $1.5 million and $37.5 million in incentives.

JPMorgan's profit rose to a record high in 2024 as its dealmakers and traders reaped a windfall from rebounding markets in the fourth quarter.

The head of the largest U.S. lender had received $36 million in pay for 2023 and $34.5 million in both 2021 and 2022 against a backdrop of economic uncertainty, geopolitical tensions and the lingering effects of the COVID-19 pandemic.

Some of the other senior executives at the bank also saw their compensation rising by between 4% and 21% in 2024.

Dimon's pay was on par with Goldman Sachs CEO David Solomon, who also earned $39 million in 2024.

Dimon, an influential CEO whose 19-year tenure stretches well beyond his peers, has said that he is likely to step down in less than five years.

The board has identified candidates to take over after Dimon. The contenders to succeed him include Marianne Lake, CEO of consumer and community banking, Troy Rohrbaugh, co-head of the commercial and investment bank and Mary Erdoes, CEO of asset and wealth management.

Jennifer Piepszak, another senior executive, has taken herself out of the CEO race for now, the bank said this month.

(Reporting by Pritam Biswas in Bengaluru and Nupur Anand in New York; Editing by Sriraj Kalluvila and Jamie Freed)