Jamie Dimon’s dad got a raise (a big one)

“At this rate I’ll soon be earning about the same as my dad.”
“At this rate I’ll soon be earning about the same as my dad.”
Image: AP Photo/Anja Niedringhaus
We may earn a commission from links on this page.

Who says Wall Street isn’t a family-friendly place?

Three years ago, when a broker in his late 70s left Bank of America for JPMorgan Chase, it made a few headlines: The broker’s name was Theodore “Ted” Dimon, and he’s the father of Jamie Dimon, JPMorgan’s chairman and chief executive.

We now learn that Dimon père got a big raise in the same year that his son—who has run into a bit of a rough patch lately—saw his pay drop.

The elder Dimon, now in his early 80s, earned $1.6 million in 2012,  according to the proxy that JPMorgan filed a little after 2:30 p.m. April 10, ”including annual salary, commissions, and an equity award.” That’s more than triple the $447,000 he made in 2011 and the $425,000 he earned in 2010 (both “including annual salary and commissions based on production revenue”); pay for 2009 wasn’t disclosed. By contrast, the younger Dimon didn’t get a bonus for last year, and so saw his total pay fall to $18.7 million last year from $23.1 million the year before (and $21 million in 2010). The bank declined a request to comment.

Family ties on Wall Street are nothing new, of course. JPMorgan also discloses that one of its equity analysts, making $1.65 million last year, is a sibling of Douglas L. Braunstein, the company’s vice chairman and former chief financial officer. Goldman Sachs noted in its proxy last year that a child of chairman and CEO Lloyd Blankfein worked for the company and earned $135,000 in 2011.

Companies don’t have much choice when it comes to these kinds of disclosures. Item 404 of Regulation S-K requires them to disclose any transaction over $120,000 in a year with “related persons”—a category that includes not only parents and siblings, but also inlaws, step-parents, and a wide range of companies and other organizations affiliated with corporate executives and directors.