Join our Waitlist for Expert Advice!

CEO of Major Bank Receives $3 Million Salary Bump A new brow-raising report from JPMorgan Chase shows that CEO Jamie Dimon received a hefty pay bump.

By Emily Rella Edited by Amanda Breen

Opinions expressed by Entrepreneur contributors are their own.

Alex Wroblewski | Getty Images

It's not a radical concept for CEOs to have exorbitant salaries.

In the wake of the pandemic and job losses, many CEOs and founders took pay cuts to compensate employees and set an example, with some (like Elon Musk) even publicly announcing they are not salaried at all.

But a new brow-raising report from JPMorgan Chase shows that the company went swiftly in the opposite direction with CEO Jamie Dimon.

According to filings on Thursday, Dimon received a solid $3 million pay bump in the year 2021, a 9.5% salary increase that brought his annual earnings to $34.5 million.

$28 million of Dimon's total earnings came from stock holdings while another $5 million came in the form of a bonus on top of his $1.5 million base salary.

In 2020, Dimon's salary at the time was around 400 times more than the average JPMorgan Chase employee's salary, something he was questioned about in an interview with Jim VandeHei on Axios on HBO in October 2021.

"We have a lot of high-paid people. We pay people to do a great job," Dimon said at the time. "They could all sell their services elsewhere. I need to maintain the best team on the playing field, and I need to pay them fairly to do that. You may or may not like that, but that's what it is."

JPMorgan has not yet disclosed its average employee salary for 2021.

This past June, it was reported that first-year analysts at the company would be given a starting salary of $100,000 (up from $85,000) and that salary bumps were made effective in July.

JPMorgan Chase was up around 7% year over year as of Friday afternoon.

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Growing a Business

These 3 Common Business Mistakes Could Cost You Customers

Avoid these three major business blunders to build customer trust for the long haul.

Business News

Google's CEO Says AI Is Now Responsible for 25% of 'All New Code' Created at the Company

Google CEO Sundar Pichai said engineers are moving faster because of AI.

Growing a Business

3 Steps to Take to Successfully Pivot Your Company and Skyrocket Revenue

Embracing agility, transparency, and client feedback allowed my pharmacy startup to pivot successfully and achieve sustainable growth.

Starting a Business

I Quit My Corporate Job to Start a Business. Here's How I Went From Having $35,000 Credit Card Debt to Making $4 Million.

Courtney Allen, founder and CEO of presentation design agency 16x9, "recklessly" left corporate life behind in 2015 to pursue entrepreneurship.

Living

These Are the 10 Best U.S. Cities for Renters — and the 5 Worst

A new survey found some cities in the Midwest were more affordable for renters.

Business News

A Billionaire Founder Admits He Had 'Horrible Habits' — Then He Started a Morning Routine That 'Transformed' His Life

Kind Snacks founder Daniel Lubetzky used to go to sleep at 2 a.m. and skip his morning workout.