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. independentlyowned

    Ummmm.... NO! No one does! Was that really a hard question to answer?

    May 15, 2012 at 12:49 pm | Report abuse |
    • ouch

      Jamie Dimon deserves to be fired without severance.

      May 15, 2012 at 12:51 pm | Report abuse |
    • John

      NO! …… Really, this is up for debate?

      May 15, 2012 at 12:58 pm | Report abuse |
  2. Frustrated

    We need SERIOUS banking reform now. What happens to that $23 million that is otherwise taken out of circulation? How does that trickle down or create jobs?

    May 15, 2012 at 12:50 pm | Report abuse |
    • John

      Reinstate the Glass–Steagall Act. If it were still law, none of this would have ever happened. There is a reason it was enacted after the crash of 1932 and now we know why, again.

      May 15, 2012 at 1:10 pm | Report abuse |
  3. Jack 63

    Heck let him keep it, after all when your down 2 billion whats 23 mil?

    May 15, 2012 at 12:50 pm | Report abuse |
  4. JC

    He should resign. As CEO he is responsible for decisions made by other managers at that firm. Also shareholders should have absolutely asked for his resignation. His excuse of "this should have never happened" is so weak and sissy-like it's disgusting.
    Also there should be an investigation conducted to see where this $2B has gone. This company is a disgrace to the banking industry which is already reeling from previous errors.

    May 15, 2012 at 12:50 pm | Report abuse |
    • independentlyowned

      Exactly. If it shouldn't have happened, then it wouldn't have happened. But it did.

      May 15, 2012 at 12:51 pm | Report abuse |
  5. Michelle McDade

    I whole-heartedly agree! There is not a living sole worth $23 million! And who NEEDS $23 million? GREED and total absurdity!!

    May 15, 2012 at 12:51 pm | Report abuse |
  6. Michelle McDade

    I whole-heartedly agree! There is not a living soul worth $23 million! And who NEEDS $23 million? GREED and total absurdity!!

    May 15, 2012 at 12:51 pm | Report abuse |
  7. Larry lopez

    It makes my stomach turn how he can get 23 million dollars, while chase has layoff some many good works and transfer jobs to india.

    May 15, 2012 at 12:52 pm | Report abuse |
  8. J Burke

    On the first comment about the shareholders – this is true, they vote. However many of the shareholders are Mutual funds so the individuals in the Mutual funds do not get to vote but the fund managers do. And do you think there may be some conversations in the country clubs in the sky? Who is on whose board of directors? Who has shares in the others companies? The Mutual fund holders are left holding the bag. I have seen flat returns over the past 10 years, while CEOs and their ilk are raking in 10s of millions. The share holders are NOT getting the money, it is being concentrated with CEOs that don' know what is going on in their companies, and when they screw up, we lose and they get the $$$$ handshake to leave.

    May 15, 2012 at 12:52 pm | Report abuse |
    • DPCFOH

      Not only is it going to the CEOs, it's also going to the fund mangers, but you're definitely right, it's not going to the shareholders.

      May 15, 2012 at 12:54 pm | Report abuse |
  9. joe

    Depends on what his contribution is to the bottom line. if they are making billions as a direct resultof his leadership, perhaps 23m isnt much. how much does Albet Pujols contribute to the bottom line of the Angels baseball team. How much do you contribute to your company profits??-

    May 15, 2012 at 12:52 pm | Report abuse |
  10. Darlene

    What ever happened to salary and bonuses tied to performance and profits? These people have deep pockets because they keep taking from everyone else. He gets 23 million dollars a year for what? This is why the rich get richer, the poor get poorer and the middle class pays for everything. OUTRAGEOUS!!

    May 15, 2012 at 12:52 pm | Report abuse |
  11. Pat

    The shareholders need their heads examined......he is the CEO...his company lost $$ on his watch....he should be terminated without any compensation....SOOOOOO glad I took my money out of Chase a few months ago..and into a credit union....at least I'm not contributing to his massive ridiculous salary!!!!!!

    May 15, 2012 at 12:53 pm | Report abuse |
  12. ted

    I could bet this guy nor his clients have ever slipped an fell on wet floor in there office building because the guy mopping the floor performs his job every day without failure . If a client falls in there office building they can file a lawsuit ,would that not make the guy mopping the floor more important than the guy losing money for the firm.

    May 15, 2012 at 12:53 pm | Report abuse |
  13. Bob

    No way is he worth anything like that. CEO salaries are completely obscene, their contributions to society are miniscule in comparison to their compensation. This guy is responsible for costing his companay a fortune, what a failure.

    May 15, 2012 at 12:53 pm | Report abuse |
  14. jack

    CEO's should be paid only if the shareholders earn money. Otherwise they win if they lose money or not. Hold them accountable. I'm glad I don't own this crappy stock.

    May 15, 2012 at 12:53 pm | Report abuse |
  15. Toad734

    If you were a cashier at Walmart and lost $200, you would lose your job and be fired...Same should apply here. Only the Bill Gates of the world who actually invented something and actually have a real product should earn this type of money. It's not like this guy invented banking. For that kind of money they could have hired 230 analysts at $100,000 per year to catch this idiot's mistakes.

    May 15, 2012 at 12:54 pm | Report abuse |
    • quori

      You're using logic and making sense. See where you went wrong? 🙂

      May 15, 2012 at 12:57 pm | Report abuse |
    • getoffthecouchusa

      Just as there are no guarantees in life, same goes for wall street. If you gamble you could lose. This guy should get every penny Chase owes him-They were the idiots. As for as hiring 1000 analyst is just stupid.

      May 15, 2012 at 1:08 pm | Report abuse |
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