Open Thread: Does JPMorgan CEO Dimon deserve $23 million?
Jamie Dimon is the chief executive officer of JPMorgan Chase.
May 15th, 2012
10:03 AM ET

Open Thread: Does JPMorgan CEO Dimon deserve $23 million?

Jamie Dimon, the CEO of the nation's largest bank, JPMorgan, went before before shareholders at the company's annual meeting Tuesday and had his $23 million pay package approved, CNNMoney.com reports.

The meeting came  just days after the bank disclosed a $2 billion trading loss, an event that led to the departure of its chief investment officer and forced its CEO to apologize for what he called "a terrible mistake."

Dimon, who also serves as the bank's chairman, faced shareholders who have seen the company's stock decline by more than 14% over the previous five trading sessions.

In the wake of the 2008 financial crisis, shareholders have looked upon the nation's largest banks with increased scrutiny, and have often used shareholder meetings to push an agenda of reform.

Read about how JPMorgan made its multi-billion dollar blunder, and how Dimon gets $23 million for 2011 and bragging rights and then let us know in the comments section how you feel about the CEO's $23 million compensation package.

Do you think Dimon should get that kind of compensation? Does he deserve the pay considering how much his company profits or does a message need to be sent to major bank executives? Let us know below and we may feature your comments on CNN.com

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Filed under: Business • Economy • Finance
soundoff (871 Responses)
  1. Carol A. Owen

    OMG! Is this the same Mr. Dimon who just days ago admitted that Chase just lost $2B on "bets"? Am I in the Twilight Zone?????

    May 15, 2012 at 12:43 pm | Report abuse |
  2. Elizabeth

    Obviously... FIRE HIM !!!!!
    He got a co-worker into trouble for something he had told her to do. Instead of taking the blame for his mistake, he got rid of her first, and then said oops. And the full amount is still not known...
    folks it is MORE than 2 BILLION. If you think that Lehman Brothers and AIG caused trouble in 2008, just think what his bank is: it is a combination of J P Morgan AND Chase. If they can't stay afloat, nobody can.
    REGULATE THEM! If they can't work within the rules, organize the banks the way our founding fathers wanted them organized: do not privatize the means of America's prosperity. I know that this leaves us open to corrupt politicians who will raid Social Security to put on the latest war, but Bush already did that to us. A thorough regulatory group would not allow them to use taxpayer money to bail themselves out, and then take away huge bonuses for themselves. This guy already has more money than any of us will ever see in our lifetimes; he deserves not one red cent for anything he has done this year, and certainly not a bonus. I am very angry that the stockholders would even consider keeping him and paying him. HE should be paying back the loss out of HIS paycheck!!!!!

    May 15, 2012 at 12:43 pm | Report abuse |
  3. Rick2

    This is why Occupy Wall Street has traction. What happened to getting paid for performance? Corporate America is a rigged game – the Board of Directors at every company are filled by other CEO's who have learned how to take care of each other. I also blame the mutual fund managers who play along with this game.

    May 15, 2012 at 12:43 pm | Report abuse |
  4. James

    I have a tough time understanding why someone like Dimon would be retained. he is in charge and his company lost 2 billion dollars. If you are a JP Morgan client and you vote to keep him and pay him you are on crack.

    May 15, 2012 at 12:44 pm | Report abuse |
  5. Frank

    No one deserves a $23 million pay check unless he/she actually owns the company.

    May 15, 2012 at 12:44 pm | Report abuse |
  6. Marilyn

    No executive is worth 23 million a year. It's like stealing money from the shareholders.

    May 15, 2012 at 12:44 pm | Report abuse |
  7. Vanessya Fountain

    I agree with Ginette in Mexico; no one deserves to be paid that kind of money when there are so many who are struggling to make ends meet. I would question exactly what one does to get that kind of money! Its a sin and a shame.

    May 15, 2012 at 12:44 pm | Report abuse |
    • Thinks2010

      Apparently it matters little what a CEO does after he signs his contract. Make money, loose money, enhance his company, damage his company, build the economy, destroy the economy, it makes little difference.

      May 15, 2012 at 1:04 pm | Report abuse |
  8. Pat

    No one is worth that kind of money, period. I do not care if they chase a ball down a field or make movies. And for that reason, do not attend sporting events or go to movies any longer our family can not afford to do those things. And why he would not lose his position, some one is insane.

    May 15, 2012 at 12:44 pm | Report abuse |
  9. Dave

    Disgusting.

    May 15, 2012 at 12:44 pm | Report abuse |
  10. Walter Melnyk

    No one person deserves a $23 million dollar salary, and espcially, the CEO who lost 2 Billion dollars. In any other business model, if you cause the company any losses, you're fired.

    May 15, 2012 at 12:45 pm | Report abuse |
  11. getrichgetlaidgetlost

    Come off it mate.... 23$ million is nothing. This man led the bank through some of the most trying times in the history of credit-capitalism and not only did he lead them but he ensured that they were consistently profitable to boot. 23$M is a lot less than what we, as taxpayers, would have had to shoulder had JP been headed by a blundering egocentric CEO like Ken Lewis.

    May 15, 2012 at 12:45 pm | Report abuse |
  12. ADZIEGLER

    Are you kidding me? All top tier CEO, CFO et cetra need to have their compensation plans cut in half (50%) This a very average compensation plan for the elite Fortune 100 – 500. By doing so the executives could still get by on US $ 10 million per year. Simply put the average American household income is US $ 49,000 per year. Yes US $ 49,000 per year. All publicly traded companies are owned by the shareholders, speak up and be heard or continue someone who make 448 times the average household income and does a terrible job. (US $22,000,000 divided by US $ 49,000.) Attend the next shareholders meeting, get it "shareholders" meeting.

    May 15, 2012 at 12:45 pm | Report abuse |
  13. Steve P.

    Who are you to say what someone is worth? Get out of his pockets!!!! Geez!!

    May 15, 2012 at 12:45 pm | Report abuse |
    • Dolly

      This is only the beginning. My bet is that this $100 billion position they took is going to cost them alot more than $2 billion before it is over. Any takers? That is why he does not deserve $23 million. Hedging hedges at a minium just generates fees which costs reduces the company's profit.

      May 15, 2012 at 12:55 pm | Report abuse |
  14. Sushil K. Kanwar

    If the shareholders think that Mr. Dimon has performed to their satisfaction then it should be accepted by all other. We do not have any stake in JPMorgan. We have no business trying to dictate to the shareholders what they should do. This is how capitalism works?

    May 15, 2012 at 12:45 pm | Report abuse |
    • Dolly

      Unfortunately when banks fail, the tax payer has to come in and clean up the mess. That effects all of us. No one should place a $100 billion bet which is what this is.

      May 15, 2012 at 12:56 pm | Report abuse |
  15. Suleiman the Magnificent

    May Allah, the all merciful, infest his underarms with the fleas of 40 thousand camels.

    May 15, 2012 at 12:46 pm | Report abuse |
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