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. DAVID

    No One is worth this much for a salary! NO ONE!

    May 15, 2012 at 11:53 am | Report abuse |
    • mamivaqui

      agree!

      May 15, 2012 at 11:56 am | Report abuse |
    • Tom

      Why, is it coming out of your pocket?

      May 15, 2012 at 12:04 pm | Report abuse |
    • Terri

      David, that is pretty much how I feel. 23 million a year for anyone is ridiculous. Does he and others deserve a very good salary, absolutely, but it would be really nice if those lower down the ladder could just get a living wage. One high enough that they were above the poverty and actually were able to pay taxes and contribute more rather than feeling like a burden. Imagine the shape the nation may be in if companies everywhere began to pay a real living wage to all their employees.

      May 15, 2012 at 12:10 pm | Report abuse |
  2. Stop Complaining

    The headline is misleading as are most of you.

    The $23M is really $6M cash and then the rest is restricted stock which he cannot touch for several years. Meaning... if the company does not perform, the $17M in stock can turn into much, much less... or if he does his job and it performs... it can turn into much more.

    May 15, 2012 at 11:53 am | Report abuse |
    • UHhello

      As long as he is a class above the average person who's money he is losing he will never have the same personal responsibility to the investment of the little guy who the shareholders represent. This goes for the shareholders as well...they make too much also.

      May 15, 2012 at 12:03 pm | Report abuse |
    • Terri

      @stop complaining..oh just 6 million a year? Really, who needs 6 million a year?!

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

      So assuming a teacher/cop/firefighter makes 50k/year, do you mean to tell me that a guy who loses $2 billion is more valuable to society/our economy than 460 of these people???

      May 15, 2012 at 1:00 pm | Report abuse |
  3. LA Les

    Guys: keep a perspective. JP lost $2.0 billion on this trade; while that's the "Headline" number, that division will "only" lose $800 million for the quarter; and the Bank will still earn over $5.0 billion – for the quarter, and over $20.0 billion for the year. Remember: this is a $2.0 TRILLION dollar + bank; $2.0 billion is less than 1/10 of 1.0% of their assets – and slightly less than 1.0% of their total capital. Good grief; there are more important things to focus on,

    May 15, 2012 at 11:54 am | Report abuse |
    • UHhello

      Exactly like the removal of the Glass – Steagal act which allowed him to make that investment in the first place.

      May 15, 2012 at 12:05 pm | Report abuse |
    • Hangar13

      Well said, LA Les. What disturbs me is the other comments to this article. It looks like a lot of people are clueless about free enterprise or economics. I realize these are people who take the time to read a left-wing propaganda site like CNN, but nonetheless, it frightens me to think there are so many for whom regurgitating Occupy talking points passes for thinking. And their vote counts as much as yours.

      May 15, 2012 at 12:06 pm | Report abuse |
  4. Lana Carlsson-Irwin

    It's up the the shareholders but I don't think anyone deserves that much money in one year for being a banker. He is not curing cancer, teaching children, raising food or risking his life or doing anything necessary, heroic or remarkable. He is has simply managed to rise to the top of the pay scale in a business where stockholders are convinced they must pay a fortune for competence. They have been hoodwinked and it is time for them to throw off that hood.

    May 15, 2012 at 11:54 am | Report abuse |
  5. dianegoble

    Now I know why I'm poor, I haven't screwed enough people!

    May 15, 2012 at 11:56 am | Report abuse |
  6. Jack

    No one deserves that knid of a salary!!!!!!!!!!!!

    May 15, 2012 at 11:57 am | Report abuse |
  7. Mark

    He doesn't even come close to deserving what he makes. He runs a ponzi scheme. Only a select few (and they stick together like glue no matter what goes wrong) make any real money. The rest are left slaving away believing they will get somewhere and almost never do. What get's me about this most recent mess is that no risk manager, no supervisory manager, no compliance officer(s) is ever held accountable. These people earn very good salaries and they should know what is going on but they never do. Yet, these have these comfrtable jobs making great money and living a nice little life for being failures at the very job they are getting paid "not to perform". Such a ponzi scheme.

    May 15, 2012 at 11:57 am | Report abuse |
  8. J. Wheeler

    This guy should be in jail for fraud. This country is way out of balance: the corporate crooks are getting richer and richer; the middle class is being ripped off and the poor are being discarded. It's time for a big change!!!

    May 15, 2012 at 11:57 am | Report abuse |
  9. Dan Erlandsen

    No one deserves that kind of money, as a society we have over estimate our worth, and capitalism can work without this kind of greed in the middle.

    May 15, 2012 at 11:57 am | Report abuse |
  10. RichS

    He contracted with the people is working for. If they are not satisfied with his performance they can fire him. The loss is a drop in the bucket compared to the funds they have and bad business decisions get made every day. After all, Wall Street is no different than Las Vegas for those will to invest in it. That market has so many things that it is dependent on today in this world market. If someone sneezes in Greece or France, they all get nervous.

    May 15, 2012 at 11:58 am | Report abuse |
  11. mamivaqui

    Obscene: one of the many symptoms of American decadence.

    May 15, 2012 at 11:58 am | Report abuse |
  12. Disgusted

    And wonder why people are disgusted!!! It is time the the big banks are "busted". They are nothing but big monopolies. And to think that the poor have to suffer with cuts to vital programs and the middle class has to shoulder the weight of the tax system and we have one man with a$ 23 million dollar pay package. It is ridiculus.

    I heard him say he is less democrat....no wonder....the republicans can protect his millions!

    May 15, 2012 at 11:59 am | Report abuse |
  13. john

    HELL NO, he`s trying to start another ressecion and, blame it on president obama like these people did the last time, what cowards.

    May 15, 2012 at 12:00 pm | Report abuse |
  14. Me

    No!

    May 15, 2012 at 12:00 pm | Report abuse |
  15. Vanya

    Reminds me of a poster I once saw. Picture of a schoolyard jungle gym and this caption: "It will be a great day when the schools have all the money they need, and the Air Force will have to hold a bake sale to buy a bomber."

    Our priorities in this country are all upside-down.

    May 15, 2012 at 12:00 pm | Report abuse |
    • Me

      You have that right Vanya! Our schools are all cutting jobs and services to our kids and men like this who lose $2 Billion of the company's money get rewared with a $23 Million package. Only in America do you get rewarded for doing a HORRIBLE job. In other countries you get shot for things like this. AMAZING!!!!

      May 15, 2012 at 12:04 pm | Report abuse |
    • Colleen

      OMG you got to be kidding. They are reporting a 2. billion dollar lose. And giving 23.million to CEO come on something is wrong with this picture

      May 15, 2012 at 12:09 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