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. bob cohen

    Dear Mr. Dimon:

    Hubris is too gentle a word for what you and your executives did. The 2 Billion loss was not your money was it.
    If it was I would think you would be more conservative with it. $23 million dollars in exchange for a 2 Billion dollar
    loss. I did not hear you offer to give up all or part of it. But you will claw it back, maybe from those who you let
    go over the edge. Why should I or anyone else put our very hard earned money into a bank that is not interested
    in keeping our deposits safe. The safety net of the insured deposit and the too big to fail allows you to do whatever
    you and your greedy executives can think of to line your pockets. What are your moral and ethical obligations to
    your shareholders and depositors?

    May 15, 2012 at 1:00 pm | Report abuse |
  2. Cindy

    If you are a stockholder then you can complain. Otherwise, it really is none of anyone's business what Dimon makes. Obviously his EMPLOYERS are happy with his performance.

    May 15, 2012 at 1:01 pm | Report abuse |
    • What?

      His employers are blind then too!!

      May 15, 2012 at 1:05 pm | Report abuse |
    • J. Czehut

      In my humble opinion. NO ONE deserves to be rewarded when such a blunder is made. Shame on rewarding people for their mistakes. It sure sends the wrong message. No wonder the good old USA is in dire straights. Leadership seems to be lacking on all fronts!

      May 15, 2012 at 1:11 pm | Report abuse |
  3. Bill D.

    Well after receiving $25 Billion in the "bailout" I think they were "betting" with the taxpayers money. So, if you think its just the investors money, please think again. Also, makes me now question why my "fees" are going up; gotta make up for these losses you know. With that, Dimon should be fired; but of course, the CEO "Buddy" factor, most of whom are in the 1%, are clearly taking care of him now; any stockholder vote withstanding. I'm sure if any of the 99% lost that kind of money we would be on the street in a heartbeat. So another issue is why the Feds aren't looking into this more seriously, esp. after the bailout & pretty much everything is about the same as before; except that banks are clearly making even more profits, etc. So the rich just keep getting richer......

    May 15, 2012 at 1:01 pm | Report abuse |
    • Homer

      Bill, you said, "Well after receiving $25 Billion in the "bailout" I think they were "betting" with the taxpayers money". You seem to forget that JPMorgan did not want any bailout money and paid it back as soon as the government would 'Let them". So perhpas you should get your facts straight before slamming JPMorgan for gambling with taxpayers money (which they didn't). Now, I understand the shareholders being angry. I am a shareholder and because it was JPMorgan's money, it was also my investment. I've lost a lot on paper at this ponnt, but I expect to get it back. After all, if you can make $5 Billion per quarter, loosing $2 Billion is not a staggering loss when you put it into perspective. I blame the decline in share price to overreaction to an error. This is however a recoverable error. JPMorgan is healthy and is not going anywhere.

      May 15, 2012 at 1:17 pm | Report abuse |
  4. TeacherLady

    In my school district, any teacher whose job performance was this disastrous would be shown the door, not handed an outrageous paycheck. Teachers all over this country are losing their jobs, resulting in kids being crammed into larger and larger classes. Yet, Wall Street is still breathing the heady air of the 90's – taking profits overseas, making unimaginable amounts of money. How well will these guys do in the future when they can't hire well educated young people because we've gutted education?

    May 15, 2012 at 1:01 pm | Report abuse |
  5. jrc

    That's the reason why companies cannot hire anyone anymore with those astronomical salaries, funnel it down to employees who really deserve , but we feel much better blaming Obama. All the money is given to the people who lounge around and eat fine meals all day without lifting a finger telling lame jokes to colleagues. No comparison to a professional athlete which some want to justify.

    May 15, 2012 at 1:01 pm | Report abuse |
  6. ir8ascanbe

    Good CEO, bad CEO doesn't matter. NO ONE is worth $23 million per year in salary. That's the problem; boards of directors think they have to pay out these hefty packages to secure good people. It's insane!

    May 15, 2012 at 1:03 pm | Report abuse |
  7. Phil from Dallas

    The fact that this guy was allowed to keep his job and his exorbitant (some might say obscene) pay package following a two billion dollar loss on his watch speaks to the absolute and unabashed corruption of the financial industry. A perfect example of the 1% taking care of the 1%.

    May 15, 2012 at 1:03 pm | Report abuse |
  8. Mary

    No, not when they received the $25 Billion on the "bailout". If they give him the bonus after they paid back the bailout, then it is their business.

    May 15, 2012 at 1:04 pm | Report abuse |
    • Pinksock

      JPMorgan did not even need a 25bn bailout. It was forced upon them. Plus that money has been paid back with interest. JPMorgan saved taxpayers money by absorbing Washington Mutual. Dimon also absorbed Bear Stearns. In the long run he will have created a ton of shareholder value. He is worth it.

      May 15, 2012 at 1:07 pm | Report abuse |
  9. REGinAZ

    $63K+ a day, including weekends and holidays plus benefits, perks and whatever – does anyone deserve it? It is a clear example of just how compensation for the few has become ridiculously outrageous ... all while the average employee has their compensation cut and capped and their jobs eliminated ... and then this guy hasn't taken any personal risks, hasn't put his money on the line and has a full company of people doing the work and even making the decisions. I think we see far too much of this today and it is tantamount to stealing ... just using power and the "good loe boy" network for personal gain, without regard for whether it is fair, justified or equitable.

    May 15, 2012 at 1:04 pm | Report abuse |
  10. BOB

    what happens if he drops dead i bet there are 10 people as good or better that would do the job for say 5 million plus we have had presdents shot and the country goes on with out missing a hart beat where do they think that thay are that good that thay can't be replaced ???

    May 15, 2012 at 1:04 pm | Report abuse |
  11. ryoung

    Are you kidding? Its this kind of thing that will cost Romney the election. The middle class is tired of money people getting away with breaking the law and not paying their fair share.

    May 15, 2012 at 1:05 pm | Report abuse |
  12. springthecat

    Of Course he deserves it. It takes years of training and expertise in order to lose significant amounts of $$.

    May 15, 2012 at 1:05 pm | Report abuse |
  13. Steve

    Lose 2 Billion dollars?? No he doesn't deserve a raise, he should be elected President, I'd be thrilled with those results!

    May 15, 2012 at 1:05 pm | Report abuse |
  14. johns

    Two CEO's andf two different boards of directors. One did their duty and one didn't, Best Buy has their head on straight while the other is not doing their duty. The other should resign and stop being morally corrupt, with a little greed along with it. Pompous ass.

    May 15, 2012 at 1:06 pm | Report abuse |
  15. CSM

    NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO !!!!!

    May 15, 2012 at 1:06 pm | Report abuse |
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