JPMorgan Halves Dimon's Bonus To $10.5 Million After London Whale Fiasco

[The Straight Story]

JPMorgan Halves Dimon's Bonus To $10.5 Million After London Whale Fiasco

The board of JPMorgan Chase released findings from its investigation into the London Whale trading scandal Wednesday, recommending a number of stricter reporting requirements on the company’s risk levels and cutting back the 2012 bonus for Chairman and CEO Jamie Dimon.

While Dimon’s salary of $1.5 million was untouched from a year earlier, his incentive compensation of $10 million in restricted stock units is down 53.5% from 2011. The cut comes after Dimon was caught unaware by the risky trading in the London office of the bank’s Chief Investment Office.

...

JPMorgan’s board made the following recommendations to avoid a repeat of the disaster, which threw the bank’s stock for losses that took months to recover:

http://www.forbes.com/sites/steveschaefer/2013/01/16/jpmorgan-board-cuts-dimons-bonus-to-10-5-million-after-london-whale-fiasco/

[unblock]

1. goodness, that's like a high marginal tax rate! now we know he'll quit because it's not worth it!

who would work for a mere $10 million a year?

[pinboy3niner]

2. Aw, I'm cryin' my heart out here

Poor baby.

[Warpy]

3. Wow, he's really going to have to cut back

He might have to save up for a new pleasure palace next year instead of just picking one out of a catalog this year.

No way is he or anyone else worth that kind of payout.

[question everything]

4. And even without the cut, still less than the CEO of UnitedHealth

where they shuffle papers between patients and health care providers and that, for some reason, is "endorsed" by AARP.

Last I've heard, was $48 Mil.