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. RJM

    He and anyone deserves what they can get. However, the shareholders should have something strong to say to him because he is highlighting the need for more financial regulation, which I am sure they do not want. Many CEO's are probably overpaid. There should be a more modest payscale, with bonuses for performance – something like what certain baseball players get.

    May 15, 2012 at 3:31 pm | Report abuse |
  2. RajK

    If I was Dimon, I would have reduced my paycheck voluntarily. At least that is what people with conscience do.

    May 15, 2012 at 3:32 pm | Report abuse |
  3. Carl

    He is a scapegoat for others that profited from his company. He is paid to take the heat. Does he deserve it? No. Banks seem to be hovering around the fine line of what is legal, while blatantly abusing what is moral. There needs to be more structure put into todays banking world. It is okay if it makes it harder for the banks to make money, because it will force big banks to make smarter moves using less risk, and add stability to our current way of business.

    May 15, 2012 at 3:32 pm | Report abuse |
  4. RobertAllen

    There is a terrific talk on TED.com about the health of a country's citizens and the disparity of wealth between the bottom and the top of the socioeconomic ladder. The U.S. comes in last in every category. If you want to be healthy AND well-paid move to Denmark, Sweden, or Switzerland. If you want to be rewarded with the pot of gold at the end of the rainbow, stay in the U.S. and watch people die before their time.

    Most of you won't get this – much less look for the talk on TED. Others will blather some right-wing "I'm gonna get mine someday." Surprise! You're not.

    May 15, 2012 at 3:34 pm | Report abuse |
  5. Pertnear

    This guy doesn't deserve $23, much less millions. If your company does great, you get the credit – when it fails, you should do the same. This guy should have been fired without compensation the day the losses were announced.

    May 15, 2012 at 3:36 pm | Report abuse |
  6. Tom

    Any normal person in a normal wok environment would have gotten their walking papers without any consideration at all. The very people who he is apologizing too aren't the ones who will fire him, the board members do. And what business forgive this kind of screw-up, even if it was the company's own money and not the publics? The board of JP Morgan won't fire him because he is one of them and it would call into question their judgement. Holy crap – 2 billion lost, (not including stock losses for JP Morgan) and an apology is all that is required to keep this cushy job of privilege! Wow!!! The rules really are different up there in that exclusive air of Wall St. Boardrooms. When will people realize, that the people who are the CEO's of these banks, the boardroom members and their crony friends in government aren't any smarter or better that they are. Mr. Dimon should be fired, as well as many of the old board members at JP Morgan as possible, they aren't smarter or better able to conduct business than anybody else off of the street. You fail – loose your job like everyone else without the golden parachute. If the the board members and Mr. Dimon knew this from the get go, things would be considerably different in the world of Wall St. finance.

    May 15, 2012 at 3:36 pm | Report abuse |
  7. To answer the question...

    Nope!

    May 15, 2012 at 3:37 pm | Report abuse |
  8. Les

    There is absolute no human being that does enough work to warrant a $23M dollar paycheck. Despite John's blithering about winners and losers, making this much of a salary is immoral and highly unethical on every level. Unfortunately these type of over valued people almost always have a workforce working at obscenely low wages doing the job that they take credit for.

    My question is> How much does this pompous overpaid fool of a CEO give back to the community in both personal volunteer work and charity funding? $20M in donations and 40 hrs. a month charity work would be more than fair. If a man can't live on $3M a year plus perks then there is something seriously wrong with him.

    May 15, 2012 at 3:37 pm | Report abuse |
    • urmomlol

      I don't really know what it is you do, but I've decided that you don't deserve your paycheck based on my arbitrary assumptions about your character. Therefore, your salary should be cut in half. Why half? Because I say so! Isn't totalitarianism fun?

      May 15, 2012 at 3:44 pm | Report abuse |
  9. crazytalk

    This might be the most idiotic posting I have ever seen on a "news" website. If I was CNN, I'd be embarassed. "Does JPMorgan CEO Dimon deserve $23 million?" Really? Last I checked, the only ones who could fairly weigh on in this are people intimately familiar with the intricate goings on of the bank, and further with the specifics of Dimon's contract – in otherwords, the INFORMED and not the IGNORANT. And even then, it's up to the shareholders. Not all of the crazies that these boards bring out.

    This article is nothing but pathetic pandering, and CNN is doing nothing more than fishing for a reaction.

    May 15, 2012 at 3:39 pm | Report abuse |
  10. Really?

    Does anyone rank enough to "deserve" 23 million? That may be what shareholders are willing to pony up, but I can't think of many people who actually "deserve" 23 million. And I certainly don't think he "earned" it. Roughnecks in oil fields work infinitely harder than this man to provide an extremely valuable product and are paid a fraction of this amount. Our folly lies in the assumption that pay should be commensurate with the degree of difficulty associated with the work. It is not. The deck is stacked, the fix is in, the con is on.

    May 15, 2012 at 3:39 pm | Report abuse |
  11. Johnson

    He is on Romney's short list for Secretary of the Treasury.

    May 15, 2012 at 3:40 pm | Report abuse |
    • Nancy

      I believe I read Mr. Dimon is a registered Democrat, so maybe Mr. Romney might not be recommending this nomination for the Treasury Department(?).

      May 16, 2012 at 5:19 pm | Report abuse |
  12. Texpride

    Yes he deserves it if other executives have gotten similar compensation for presiding over similar gains. He must receive it if it is specified in a contract. Simple, done.

    May 15, 2012 at 3:42 pm | Report abuse |
  13. skbaijal

    In fact, nobody in any job deserves that kind of pay.

    May 15, 2012 at 3:42 pm | Report abuse |
  14. Socrates

    Ah yes, such is America. Rewarding good performance, corporate and business ethics, and using constructive criticism and assessment to avoid past mistakes? If only we would compensate first-rate teachers who educate our young and nurture the next generation, support scientific research and development, and, hold in esteem moral, principled leaders – America "might" have the opportunity to recapture its greatness. At present, anyone would laugh all the way to the bank (most likely off-shore?) with $23 million.

    May 15, 2012 at 3:43 pm | Report abuse |
    • Wow

      Actually, people pay high premiums to live in areas with good schools and good teachers. Those schools tend to pay more for the best talent, too. Unfortunaly, there is a school in every small town and the reality is most of them are failing at their jobs. Maybe if we paid more, we could actually attract and retain good teachers – but there are too many unions preventing us from clearing out the filth we are currently stuck with. So, why try to change if the change will just give more money to the same people who are underperforming for less money?

      May 15, 2012 at 4:08 pm | Report abuse |
  15. cliff

    the man should be firedalong with all his top management. the government needs to make stronger regulations. ragan removed all the restrictions during his presendency that prevented this king of happenings.

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