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. LamieJamie

    There is no doubt in my mind that he deserves $23.00!

    May 15, 2012 at 3:55 pm | Report abuse |
  2. Dan

    The repercussions should be commensurate to the earnings.
    It's not fair that someone with a 23 million a year stake in the company should face less repercussion than the underlings who probably made 1% of that.

    May 15, 2012 at 3:56 pm | Report abuse |
  3. SconnieGuz

    I don't even care anymore. I tried the whole going to the military, getting a degree in accounting, busting my a$$ at a couple jobs route now for the last 15 years, full of patriotism and integrity......and still I sit living paycheck to paycheck. I'm going to live my life just like this treasonous cutthroat government and big business has shown me I have to do to get ahead.....I'm going to lie, cheat, steal, murder, rob and get over on every last one of you until I'm put in the dirt.

    May 15, 2012 at 3:56 pm | Report abuse |
    • humanone

      I know how you feel.

      May 15, 2012 at 3:57 pm | Report abuse |
  4. G D

    For any of us 99%, the question would be rhetorical; we'd be summarily fired with no severance. NO, at best he is an inept manager, at worst, criminally negligent. Why would anyone think he should get that payoff??

    May 15, 2012 at 3:56 pm | Report abuse |
  5. rugbytv

    Just like stars of movies and sports, this guy will make as much as his company decides he's worth.

    Still, that said, I find it hard to believe that the leadership of a company that lost billions is worth $23M. Obviously, he should be paid something, because he worked there.

    I'm thinking that if the company's stock declined by 14% last year (I don't know how long a "trading session" is) his salary should decline by an equal percentage. For all we know, that might already be the case.

    May 15, 2012 at 3:56 pm | Report abuse |
  6. Joe

    I can't help but wonder if one of this guy's employees making $100K, or $75K, or $50K, were to make a "mistake" that caused the company to lose as little as $100,000.00, and "apologized" for it, would he still keep his job or get tossed out without so much as a severence package?

    May 15, 2012 at 3:57 pm | Report abuse |
  7. Lydia

    It doesn't matter if he deserves it or not, this is what he is being paid from a private company. You, as a consumer can show your disdain for this buy not banking with JP Morgan Chase or purchasing any of their stock or products.

    May 15, 2012 at 3:57 pm | Report abuse |
    • T Williamson

      Lydia is right on. The only way we can fight back is to not utilize their services, we are the consumers and without us they would go under in a flash. If you really want to hurt a rogue company, which banks are, then withdraw your savings, checking, sell you stock, whatever it takes.

      May 15, 2012 at 4:09 pm | Report abuse |
    • Cris

      Lydia – JPMorgan is publicly traded. First sentence of the article indicates this.

      May 15, 2012 at 4:13 pm | Report abuse |
  8. Sal

    This is exactly the reason why most of the people are loosing or lost faith in the stock market and in banks. Those shareholder that approved the big paycheck for the CEO are equally reponsible. Shame on them and shame on the dumm CEO. It is because of these people that we are in this mess. Stupid people never learn!!!

    May 15, 2012 at 3:59 pm | Report abuse |
  9. Drew

    Of course he deserves every penny of it! It is hard work keeping the rich rich and the poor poor.

    May 15, 2012 at 4:00 pm | Report abuse |
  10. Kris

    He deserves his pay, as it states in his contract. Even though it was a bad move on his part, which is a risk he takes as a CEO. Its difficult making decisions, but you take take the risk. Plus its a risk investing money.

    May 15, 2012 at 4:02 pm | Report abuse |
  11. Eyrtan

    He should get every penny the shareholders want to give me; it's not our money and it's none of our business. Our business, however, is with his taxes – I hope he pays his fair share.

    May 15, 2012 at 4:02 pm | Report abuse |
  12. wcb2001

    Of course he does not deserve that much money. Nobody does! If he were a good human, he would take a million to live off (which is a massive amount of money!!!!) and give the rest to the homeless and starving masses.

    May 15, 2012 at 4:05 pm | Report abuse |
  13. Bret Sanders

    JPM will make $18 Billion in profits this year, even with the $2 Billion loss. That is more than Goldman Sachs and Citigroup combined. He deserves the pay and 91% of his shareholders agree.

    May 15, 2012 at 4:06 pm | Report abuse |
  14. Craig

    It doesn't matter what anyone else thinks. the people he works for, the shareholders already decided

    May 15, 2012 at 4:06 pm | Report abuse |
    • Nancy

      I'm a sucker share holder and I didn't get to vote!

      May 15, 2012 at 4:10 pm | Report abuse |
  15. noly972

    I remember when a bonus was only paid when a company posted a profit. Now these CEOs, COOs, CFOs and all the rest have contracts with a guaranteed bonuses. The very idea of a 'guaranteed bonus' is oxymoronic to me. If it's guaranteed, its your pay. If it isn't guaranteed, its a bonus.

    That having been said; no, I don't feel that Dimon deserves anything close to $23 million. He didn't do his job. The stock value is reduced and they lost $2 billion so far this year. It's wrong to incentivize poor performance. That sends the wrong message.

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