Embattled JPMorgan giving CEO Dimon a raise

After a year in which JPMorgan Chase accumulated an estimated $20 billion in regulatory fines, reported its first losing quarter in 10 years, and ended with a 7% drop in Q4 profits, CEO Jaime Dimon will get a raise, reports the New York Times.

Read: Banks suspend traders amid wider market rigging probe

The Times says JPMorgan’s board approved Dimon’s 2013 compensation package after a series of meetings this week that at times turned testy. The details of the raise aren’t public.

Last year, the board voted to cut Dimon’s pay in half, to $11.5 million, after the London Whale trading scandal, says the Times. Time time around, the board members who wanted to keep his pay flat were a minority.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.