Sailing US's second biggest bank through the financial crisis and emerging out the other side relatively unscathed, Jamie Dimon, chief executive officer (CEO) of JP Morgan Chase & Co, has been rewarded extremely well for his efforrts.
Dimon's total compensation package was a mere $1.3 million in 2009 but in 2010 it jumped nearly 1,500 per cent to $20.8 million, based on the US Securities and Exchange Commission's (SEC) compensation formula, a regulatory filing showed.
Dimon did even better in terms of the value of money and shares actually received- his salary, bonus and stock and options from grants made largely in previous years that were actually exercised in 2010 were worth around $42 million.
By way of comparison, the average US household income was just $49,777 in 2009, according to the US Census Bureau.
Dimon's 2010 salary remained at $1 million.
He was also awarded a $5 million bonus, nearly $8 million in stock awards and $6.2 million in option awards, according to the SEC's compensation formula.
Citigroup CEO Vikram Pandit's salary rose to $1.75 million in 2010, while Goldman Sachs' Lloyd Blankfein saw compensation jump to $14.1 million in 2010 from $1 million the year before. His 2010 compensation also included $579,624 worth of perks, including $421,458 of 'moving expenses,' $95,293 to use company aircraft and $45,730 for personal automobile use.
Most of the rest went toward home security.
Like many Americans who have had trouble selling their homes, Dimon did too.
The moving expenses relate to the sale in 2010 of Dimon's eight- bedroom Banks St home on Chicago's Gold Coast.
Bank of America's Brian Moynihan saw his pay fall 70 per cent to about $1.9 million while Wells Fargo & Co's John Stumpf, saw compensation fall to $19 million from $21.3 million. He had lived there while heading Bank One Corp that was sold to JPMorgan in 2004. Dimon put the home up for sale for $13.5 million in 2007 when his family moved to New York, according to Bloomberg.
But when he finally sold the property in February 2010, the price had fallen to $6.8 million. Property records show he bought the mansion in 2000 for $4.68 million so he still made a profit.