It's good to be the king.
JPMorgan Chase & Co. , the biggest U.S. bank, will pay CEO Jamie Dimon $29.5 million for 2017, a 5.3% raise, according to a regulatory filing.
Last year's compensation included a salary of $1.5 million along with a $28 million of "performance shares" linked to profitability goals, the company said.
The New York-based bank's board of directors awarded the pay based on a "strong performance in 2017 and through the cycle," according to the filing.
JPMorgan said last week that net income fell 1% to $24.4 billion, as revenue climbed 4%. Excluding one-time charges and gains, such as those stemming from the U.S. tax law passed in December, net income climbed to a record $26.5 billion, according to the firm.
Dimon is widely regarded as the dean of Wall Street, due to his successful track record of growing profit as well as his 13-year shift at JPMorgan's helm, the longest tenure among heads of the biggest U.S. banks.
His raise came as the bank's roughly 250,000 employees got no pay increase on average. The mean compensation at JPMorgan was about $123,000 in 2017, about where it was the prior year, based on the firm's financial statements.
Dimon's pay package works out about to 240 times what employees got on average. Put differently: He essentially makes in a business day what they earn over the course of a year.
In 2016, Dimon was the highest paid among Wall Street chiefs.
Morgan Stanley CEO James Gorman got $22.5 in total compensation that year, followed by Bank of America Corp.'s Brian Moynihan at $20 million and Goldman Sachs Group Inc.'s Lloyd Blankfein at $20 million. Citigroup Inc. CEO Michael Corbat got $15.5 million. Those banks haven't disclosed their CEOs' compensation for 2017.
Wall Street CEO pay has yet to recover from levels prior to the financial crisis a decade ago. In 2007, Dimon got $30 million in total compensation. The following year, as the U.S. financial system nearly collapsed, he got no bonus, leaving him with $1 million in total pay.
On a conference call last week with stock analysts, Dimon said that some fraction of the company's $3.5 billion in expected savings this year from the new tax law might be shared with employees. An announcement could come "in the next couple weeks," he said.
"We think it's time that all of America share broadly, and we're going to have things that we think are good for some employees," Dimon told the analysts. "That's what we're supposed to do. We're a bank. We're supposed to help support and grow communities. And it will enhance our growth in the future, too."
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