Jamie Dimon didn’t need to jump on the 1,000% bitcoin rally last year to make a decent buck. JPMorgan compensated its CEO $29.5 million in 2017, a 5% increase on the previous year. It’s the most since 2007 when Dimon received a staggering $50 million.
The bulk of that pay is made up of equity. Dimon receives a $1.5 million base salary each year and last year got a $5 million cash bonus. It’s been a busy year for the CEO; he’s complained to Washington DC about the “stupid shit” America has to put up and angered bitcoin fanatics with his increasingly critical comments about the cryptocurrency.
JPMorgan is the US’s biggest bank—and one of its most profitable. This year could be even better for Dimon and his pay packet thanks to tax cuts passed into law at the end of last year. In 2017, $28 million of Dimon’s pay was for a “strong performance in 2017 and through the cycle,” the regulatory filing said.
The bank said were it not for a $2.4 billion tax charge in the fourth quarter, it would have be able to report a record profit for the year. Looking ahead, Dimon expects lower corporate taxes to benefit the bank to the tune of $3.4 billion. He also said the tax gains would lead to higher wages and better benefits for employees.
Then again, assuming Dimon claims residency in New York City, his take-home pay may shrink because he’s gonna be hit with those drastic new limits on deducting local, state, and property taxes from his federal taxes. Assuming, of course, he itemizes.