Jamie Dimon just received almost $56 million of JPMorgan Chase’s stock, before taxes, from an incentive program the bank valued at less than half that much just three years ago.
The CEO collected 398,708 shares last week from a performance award dating to January 2019, according to a regulatory
Then the bank did. And the stock rose. And the company added dividends, too.
The result topped the prior year’s incentive award, which was worth about $51 million when it was paid out last March. The latest windfall was helped by the financial industry’s surging business during the pandemic. In both cases, the stock is subject to an additional two-year holding period before Dimon is allowed to sell it, filings show.
“This is highly restricted performance-based compensation granted and reported three years ago,” said Joe Evangelisti, a JPMorgan spokesman.
Dimon is worth $2 billion, according to the Bloomberg Billionaires Index.
The equity-linked award was the biggest part of Dimon’s
Still, Dimon won’t be keeping a significant portion of the money. More than half of the shares were withheld last week for taxes.