The head of JP Morgan received a record payment

Jamie Dimon is the longest-serving CEO of major investment banks. Photo: CHRIS RATCLIFFE/POOL/EPA-EFE/Shutterstock

Last year, Wall Street giant JP Morgan paid its long-serving chief executive Jamie Dimon a record $36 million (£28.4 million).

The payout increased 4.3% for Mr. Dimon and came after the bank reported $49.6 million. billion (£39.1 billion) in profit last Friday, significantly ahead of similar figures. He was paid $34.5 million in 2022.

Dimon, 67, the longest-serving CEO of Wall Street's Big Four banks, welcomed the results that came after JP Morgan shares grew by 27% over the year.

The bank's board of directors said: “The firm is in a fortunate position to be led by such a very talented and experienced leader who continues to grow the company, maintain a leading market position, strengthen the firm's reputation, invest in future opportunities, and promote diversity. and best practices, manage risk and develop great leaders while maintaining a focus on the firm's clients.»

Mr. Dimon's pay will consist of a base salary of $1.5 million and a bonus of $34.5 million, the majority of which is paid in stock.

His net worth, the majority of which is in with JP Morgan shares, is estimated by Forbes at about $1.9 billion.

Mr. Dimon led JP. Morgan has been on the job for 18 years and his annual pay is the highest ever, as other bank executives also received generous salaries.

The Wall Street giant gave $30 million to President Daniel Pinto, $27 million to longtime wealth management executive Mary Erdos and $18.5 million each to consumer banking co-heads Jennifer Piepsak and Marianne Lake, according to the company.

< p >Mr Dimon expressed concern about the US economy earlier this week, warning that inflation could be «tougher» than expected.

He attributed this to a number of factors, including President Joe Biden's efforts to attract green investments.

He said: “It is important to note that the economy is fueled by large amounts of government deficit spending and past stimulus.

“There is also a constant need for more spending. due to the green economy, restructuring of global supply chains, rising military spending and rising healthcare costs.

“This could cause inflation to become tighter and rates to exceed market expectations.”

President Biden last year unveiled a package of measures to increase spending on infrastructure projects related to with green economy.