US Bank J.P Morgan Hits the highest Ever Profit
JP Morgan made more profit than any other lender in the history of US banking in FY23. According to the report of Fortune, CEO Jamie Dimon's compensation increased about 4.3 percent to $36 million (over Rs 299 crore). The amount includes a base salary of $1.5 million and $34.5 million in performance-based compensation.
The report explained, “The annual compensation for 2023 reflects Dimon's stewardship of the firm, with growth across all of its market-leading lines of business, record financial results and a fortress balance sheet. The board continues to recognize that the firm is in a uniquely fortunate position to be led by such a highly talented and experienced executive.”
Earlier, JP Morgan executed a profit of $49.6 billion for 2023, breaking its previous record for annual earnings and blowing away all rivals. The 67 years old CEO Jamie Dimon is the longest serving CEO of a major US bank. According to Forbes, his estimated net worth is $1.7 billion.
Commenting on his retirement plan, he made it very clear that, he has no intention of leaving the company. He also mentioned that, when he will not have the same kind of intensity of work, like now, he will leave.
According to the reports, Dimon could continue to lead JP Morgan for at least two more years since he was given a special retention bonus of 1.5 million options in 2021. He, however, can't exercise those options until 2026, and he has to stay at the bank the entire time while meeting certain performance targets.
