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. Carmen Orosco

    What a sad state of affairs, no he should not get it, but it should be applied to the loss.

    May 15, 2012 at 11:34 am | Report abuse |
  2. Jamie Dimon

    Of course I deserve that money! Besides, what difference is it going to make: 2 billion plus/minus 23 million? Just crumbles, don't sweat the small stuff. I am looking forward to the meeting with the strongest possible optimism!

    May 15, 2012 at 11:35 am | Report abuse |
  3. BADGUY

    NO CEO of a public company should make more than $500,000 total...PERIOD. No human being is WORTH more than that. CEO's that make MORE than $500,000 and the board members that approve their pay ARE STEALING PROFIT FROM THEIR STOCK HOLDERS! Companies that pay more should be banned from selling stock on ANY market. Why should scam artists be allowed to bilk profits from unsuspecting stock buyers who are paying to be OWNER'S of the company?

    May 15, 2012 at 11:36 am | Report abuse |
    • DocGatorDawg

      He probably deserves it more than professional athletes, many of whom make much more.....

      May 15, 2012 at 1:07 pm | Report abuse |
    • Milo

      How much does Clooney make?

      May 15, 2012 at 3:13 pm | Report abuse |
    • Think About It

      No CEO should make more than $500K? If this were applied then what incentive would CEOs have of creating innovative products? What incentive would they have to ensure the long run growth and profitability of a company?

      May 15, 2012 at 3:42 pm | Report abuse |
  4. Saidso

    Deserve it? No. But will he get it? Yes. If one CEO can get 8 million for lying on his resume and working for just 4 months and another can get 8 million for having an affair with an employee, I doubt board members have the common sense to act in the best interest of their business. As long as the gov't will always be there to bail them out, why should they?

    May 15, 2012 at 11:37 am | Report abuse |
  5. toldUso

    Of course he deserves the money, just like when the banks used taxpayer bailouts to give bonuses. How else will they retain the best managers and chairpersons? I think that was the argument. Lower pay (maybe only $10 million) would only have attracted lower performance, meaning they maybe wouldn't have lost more than $200 million.

    May 15, 2012 at 11:38 am | Report abuse |
    • Dimon's Uncle

      lower pay would have resulted in lower performance? the irony.... under his leadership 2 billions were blown.
      Heads should roll

      May 15, 2012 at 12:35 pm | Report abuse |
  6. Jeff

    Remove the six zeros, and that is what he should be getting.

    May 15, 2012 at 11:39 am | Report abuse |
  7. John

    Donald Trump should decide this, however, I feel his superiors should demand from his pay 90% and donate it to Alzheimer research to help folks like him to remember what they did.

    May 15, 2012 at 11:40 am | Report abuse |
  8. Chacko Panangat

    We should go back to the old days. The difference between the lowest paid emplyee and the CEO of the company shouldn't be more than 20 times.

    May 15, 2012 at 11:41 am | Report abuse |
    • Saidso

      We should go back to the days when a company failed, the govt didn't bail them out. Then Americans wouldn't feel so angry about seeing their money being used to pay for CEO bonuses.

      May 15, 2012 at 11:50 am | Report abuse |
  9. Seriously

    Ummmmm, let me think 20 million to trash a company.......ummmmmm, gee this is a toughy.......can i use my phone a friend? In simple terms HECK NO...HE NEEDS TA GO!

    May 15, 2012 at 11:41 am | Report abuse |
  10. Craig

    Why is it anyone's business what an employee in private industry makes? Good job or bad job, we are not his employers. I don't see similar outrage when we hear George Clooney making more than $23 million per year, or a sports figure making upwards of $50 million. I never saw articles commenting on Steve Jobs' "unfair" compensation. I am disturbed by this anti-capitalism bias in these articles. America used to be a land of opportunity – and we applauded people for doing well. Now we vilify them. This concerns me.

    May 15, 2012 at 11:41 am | Report abuse |
    • ArmyCSM

      Steve Jobs took a salary of $1.00 a year.

      May 15, 2012 at 11:43 am | Report abuse |
    • kimwal

      Well said...agree but they all are beyond reasonable compensation in these crazy times. This is what brings on revolutions.

      May 15, 2012 at 11:46 am | Report abuse |
    • Saidso

      When George Clooney makes a bad movie, he doesn't earn as much and he risks not being cast again. Supply and demand still applies to him. But if the gov't started bailing him out for every bad movie he made, do you think he'll keep trying?

      May 15, 2012 at 11:46 am | Report abuse |
    • Andrew

      The issue is simple...they do not have permission to do the things that they are openly admitting to doing. I won't say that what they are doing is "tantamount to stealing" because that's what they are actually doing. They present a setup of financial security based on specific parameters then they choose to disregard that legally binding contract and "lose" the money as he walks away with millions. Explain to me why he/they isn't on his way to jail...Please...anyone at all...justify that to me.

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

      So losing $2B is your definition of "doing well"?

      And it's our business because we'll be forced to bail them out and we will all suffer when the tank the global economy.

      May 15, 2012 at 12:35 pm | Report abuse |
    • Dimon's Uncle

      so true, Craig, this dreaded Anti-capitalism

      how can people criticize that the rich want to get richer? those commie pigs..

      how dare they smear the image of a bright top CEO who can manage the loss of 2 billions.? Could THEY handle such a big loss so gracefully???

      The nerve those commie nazi anti-capital loosers have: they have no idea how stressful it is to loose other people's money and then deal with the griping... unemployed loosers, whiners, simply classless...

      Now, here's an idea... class-less.... society? ?

      May 15, 2012 at 12:43 pm | Report abuse |
    • Greenhead

      Because Steve Jobs, George Clooney and Chad Ochocinco don't run a bank that holds my mortgage or my checking account. That's why. The regulation of capitalism is not anti-capitalism. It is a necessary check to hold down the potential for abuse that exists in unregulated capitalism. The stability of our economy during the 20th century was largely due to legislative action codifying lessons learned during the depression. During the last twenty years the new crop of Robber Barons, with the support of the Republican party,have undone most of those protections. The result is the mess we are now in. This guy is one of those Robber Barons. That's why it's our business.

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

      Craig the difference is that if athletes and performers do badly then their pay falls or they fired. The problem with the banking industry is that they get rewarded spectacularly even when they perform badly.

      May 15, 2012 at 2:00 pm | Report abuse |
  11. kimwal

    Yes, if you want to speed up the revolution give him 23M. Then, the guillotine.

    May 15, 2012 at 11:42 am | Report abuse |
  12. ArmyCSM

    CEO compensation is WAY out of line in this country and has been for a long time. His 23 million should be more like 1 million. Anything above that should be performance based and I don’t mean something his board of buddies gives him; I mean measureable benchmarks that the stockholders have preapproved. Remember that on top of his bloated salary he also gets low tax rates.

    May 15, 2012 at 11:43 am | Report abuse |
  13. Jason

    23 million for losing 2 billion!! Just think of what he could have earned had they lost 4 billion!!

    May 15, 2012 at 11:43 am | Report abuse |
    • Get a grip people!

      Get a grip people, they lost 2 billion in ONE quarter!!! The previous quarter, they made around 5 billion! I bet they will still profit over 10 billion when the year is over!!!!! So all you people are saying that if own and run a company that profit 20 million in one year you shouldn't get to keep most of it, you should have to give it to charity or to the "lower class"?????????? That is crazy, I would like to see any of you go through what some of these CEOs have to go though on a daily basis!!!! The guy runs a MULTI-BILLION dollar company, 23 million is a drop in the bucket!!!!!

      May 15, 2012 at 12:05 pm | Report abuse |
  14. seconddavid

    "23 million for losing 2 billion" After making 5 billion the quarter previous.

    May 15, 2012 at 11:44 am | Report abuse |
    • David MacMickey

      No-one makes 5 Billion. he never made them 5 billion. He didn't lose them 2 billion either. Thats the absurdity of this. We are paying managers who are essentially doing nothing as though they produced the actual product. That goes for all CEO's right now. America is completely out of whack.

      May 15, 2012 at 12:11 pm | Report abuse |
    • HealthCare CEO

      It is a shame, as the CEO of a Mid-size Community Health Center I work 12-18 hours a day. We provide care for over 47,000 patient encounters per year and a $60,000.00 deficit over the course of a year is scrutinized to the dollar. To see this individual blow off a 2billion dollar loss of SOMEONE's money is infuriating! What I could provide to my patients with 23 million dollars is staggering.

      May 15, 2012 at 12:37 pm | Report abuse |
  15. Phani Reddy Baddam

    NO. Period!

    May 15, 2012 at 11:44 am | Report abuse |
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