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

Post by:
Filed under: Business • Economy • Finance
soundoff (871 Responses)
  1. MFV

    This is a form of legal (tax payer) extortion.

    May 15, 2012 at 1:58 pm | Report abuse |
  2. Harold

    Who wrote this piece? It tells nothing. It simply seeks to incite the ignorant and, based on what I am reading, it is of course succesful. The best this iece does is show the financial illiteracy of this country and why we are in such trouble. Peoples should be licensed to carr money and use it. The problem with this story is JPM did not LOSE money. At the end of this quarter, after axes are paid, as reported by another poster and even in WSJ, JPM will turn a profit of better than $4bil. That, in most financial ledgers, is not a loss- it is a pretty good PROFIT. So, I again ask, why is this story only giving partial information and why is everyone getting so upset about something they have not all the information?

    May 15, 2012 at 1:59 pm | Report abuse |
    • myke

      Da-hurt...it is a loss if they would have had an additional $2B on their ledger. To simply for you, if you $10 in your wallet, lose $4, this doesn't mean that you didn't lose $4 just because you still have $6 in your wallet. What's funny, is that of all of the "ignorant" people posting responses to this article...you are the one with the worst mistypes!

      May 15, 2012 at 2:04 pm | Report abuse |
  3. bull

    At my work place, if you meet your metrics set forth for you for the year, you get a bonus. I want to know what metric this CEO met in order to get a bonus. Since when does losing money in the BILLIONS meet some metric (read a financial goal)? Holy c rap.

    May 15, 2012 at 2:00 pm | Report abuse |
    • OCKHAM

      How many other employees know what are the metrics set for you to meet and how much was given to you in bonus for meeting that metrics.

      May 15, 2012 at 2:13 pm | Report abuse |
    • latuya83

      Who cares is their money if the shareholders want to pay him 23mill then let them do it, if you don't like it then take your money out of Chase and put it somewhere else. This 2bill loss was with their own money it wasn't John Doe's savings account.

      May 15, 2012 at 2:20 pm | Report abuse |
  4. myke

    I opened a new checking and savings at our local (2 branch) bank. Will be transfering all funds from Chase to the new accounts on my lunch break. Maybe if more people would do the same, these large banks would get the clue.

    May 15, 2012 at 2:00 pm | Report abuse |
  5. Rick

    Does he deserve $23 million, That is the most riduculous thing I ever heard, Raises are based on how well you do you job, It sounds to me he did not do a very good job, so no he does not deserve a raise. Instead of him getting a $23 million dollar raise, give him a 20 million riase and put 3 million back in the pockets of the people who lost thier portion of the 2 milloion he lost.

    May 15, 2012 at 2:01 pm | Report abuse |
  6. pld123

    No that as well as other CEO are simply taking too much of the pie, that is why we have the distribution of income problems we are having, just look at history. Actually I cannot think of any situation where anyone is worth that much while the workers pay is for the most part stagnate.

    May 15, 2012 at 2:01 pm | Report abuse |
  7. Jesse Livermore III

    His pay should be reduced to 1 million and the other 22 million should go back into the kitty for a chance at proving himself to keep his job at all or get fired outright. If he can make back the 2 Billion he lost by using the 22 million he has not earned but wants, then he can get the raise next year. If not, he goes home with $0. The same thing that will happen to hundreds of employees if he keeps up this dangerous behavior.

    May 15, 2012 at 2:02 pm | Report abuse |
  8. Phil Muse

    Once again, shareholders refuse to rein in excessive bonuses for execs involved in colossal blunders. It's like the BP execs who continued to get their annual "safety" bonuses after the 2010 Gulf Oil spill. If the shareholders are apathetic, isn't it high time for government to step in? Let's put an end to what I call "GOBocracy" (rule by the Good Old Boys). We all pay the price of their incompetence. The economy can't take it!

    May 15, 2012 at 2:03 pm | Report abuse |
  9. David

    Does anyone? Including athletes or entertainers. There is a large social issue here.

    May 15, 2012 at 2:04 pm | Report abuse |
  10. Chris

    Absolutely not. Actions, or failure to act, has or at least should have consequences. Dimon admitted that egregious errors and lack of oversight of his administrative team led to this 2 billion dollar loss. As CEO, the buck should stop on his desk. Wall Street clearly needs govenrnment oversight and it is going to be harder for the GOP to explain why they have not not only failed to allow the new legislation that was passed to take effect, but have worked hard to water down what little legal oversight was passed. Shame on them.

    May 15, 2012 at 2:05 pm | Report abuse |
  11. Timothy

    Yes, he turned a profit of greter than 4bil after taxes and the 2 bil trade.

    May 15, 2012 at 2:05 pm | Report abuse |
  12. BromleyJC

    He was essentially approved by votes received before the disclosure of the loss. Anyone else would be lucky to keep their job let alone deserve a bonus (of any size)! Ridiculous!!!

    May 15, 2012 at 2:05 pm | Report abuse |
  13. Twagz

    You didn't do your job, you shouldn't get paid.

    May 15, 2012 at 2:07 pm | Report abuse |
  14. KIM

    LOL...check out JPM earnings and financials before getting to excited. The masses are so well controlled and so easily riled. Wonder why people think the average citizen is stupid and does not need to be listened to. This story and reaction is the reason why. Now they got you to swallow the bait, time to play you.

    May 15, 2012 at 2:08 pm | Report abuse |
  15. Disgusted Taxpayer

    @Harold, @Timothy – what the f are you talking about? You make an incorrect (an assinine) assupmtion that my name is somehow related to the story. Nothing in my post makes any connection with taxpayers and JPMorgans irresponsiblity. I was merely asking why this story was not on another major news sites homepage.

    May 15, 2012 at 2:08 pm | Report abuse |
    • Syd Brown

      No, he does not deserve that outrageously large paycheck, particularly as his company has lost so much money under his leadership.

      It is this kind of blatant greed that makes so many Americans–and others–cynical about our system. Executives should be paid on the basis of the performance of their company, and $23,000,000 is a sum vastly larger than he deserves.

      May 15, 2012 at 2:22 pm | Report abuse |
    • KIM

      @ Disgusted Taxpayer...do you not go by the handle disgusted TAXPAYER? What does being a tax payer have to do with this issue? Perhaps that is what they were wondering too? ??

      May 15, 2012 at 2:24 pm | Report abuse |
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44