Jamie Dimon, chairman and CEO of JPMorgan Chase was reported to have received a 74 percent pay raise in 2013 even as the bank annual income fell 16 percent, Reuters reported.
In a public filing report released Friday by JPMorgan, Dimon is shown to have received $20 million, including $18.5 million in restricted stock last year when the company was required to pay $20 billion in settlement payments, according to Reuters.
In the new pay package for Dimon, half of the restricted stocks will be guaranteed his and the other half will be his a year after that as compensation to the company's future performance, according to Reuters.
According to the report, Dimon's base salary is $1.5 million, but in 2012 he was paid $11.5 million, which is half of the $23 million in compensation from the two previous years after the company lost $6.25 billion during the "London Whale" trades, Reuters reported.
In April 2012 the trades were publicly released and Dimon said they were a "tempest in a teapot," Reuters reported.
JPMorgan employees were not given a pay raise in 2013 due to declining profits, drowned by settlement payments due to legal bills to settle the bank's private claims, according to Reuters. The average U.S. household income was about $51,000 in 2012, according to the Census Bureau.
One of those claims include a sanction placed by the U.S. Federal Reserve and the Office of the Comptroller of the Currency in January 2013 because the bank displayed "weak risks and financial controls," Reuters reported. The bank was also found guilty of money laundering and violations of the U.S. Bank Secrecy Act.
Throughout the year, JPMorgan agreed to pay a settlement amount of $13 billion after they were found guilty of overstating mortgage quality it was selling to investors before the financial crisis, according to Reuters.
All of the settlements and fees made a dent in the banks annual earnings, which fell 16 percent in 2013 to $17.92 billion, Reuters reported.
