JPMorgan boss Jamie Dimon defends $30M-per-year wage

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JPMorgan boss Jamie Dimon defended his eye-popping $31.5 million wage as the results of the nation’s “free market” which “everyone should applaud” throughout an interview concerning the financial institution’s multibillion-dollar pledge to fight racial inequality.

The firm’s board paid Dimon the huge pay bundle for 2020, they usually’ve awarded thousands and thousands extra in inventory choices if the CEO and chairman stick round for a minimum of 5 years.

“The board decides what I make,” Dimon told Axios co-founder James VandeHei in an interview that aired Sunday night.

VandeHei recommended that Dimon — who’s value about $2 billion, in keeping with Forbes — might ask the board to chop his pay, however Dimon responded that JPMorgan’s board would take offense, including that the CEO’s pay is a part of an “umbrella” plan designed to retain executives.

“We have a free market in this country, which … everyone should applaud,” Dimon stated.

“They could all sell their services elsewhere. I need to maintain the best team on the playing field. And I need to pay them fairly to do that. You may not like that, but that’s what it is.”

The focus of the Axios sit-down was presupposed to be the financial institution’s pledge to contribute $30 billion over 5 years towards lending and different financial alternatives in underserved communities.

But the wide-ranging interview touched on varied topics reminiscent of how Dimon decides when JPMorgan must wade right into a political topic like Texas’s latest regulation banning almost all abortions within the state.

JPMorgan logo on a glass window.
Jamie Dimon claimed that his pay is a part of an “umbrella” plan designed to retain executives at JPMorgan.
Nicolas Economou/NurPhoto through Getty Images

“I get a lot of stuff to take positions on, and some we do, some we don’t, some we can’t,” he stated, including that the financial institution follows the international coverage of the US authorities, and that it’s not JPMorgan’s place to set coverage with regard to different international locations.

“But I’ve made it very clear: We believe in human rights. We believe in free enterprise. We believe in the capitalist system. That’s all counter to China,” he added.

At the identical time, he stated, after the nationwide protests sparked by the homicide of George Floyd by former Minneapolis police officer Derek Chauvin, the financial institution “doubled down on: What can we do to help the black community?”

Dimon’s efforts in varied so-called environmental, social and governance points have drawn criticism from some on the precise, together with Sen. Tim Scott, a Republican from South Carolina, who beforehand accused JPMorgan and different massive banks of working towards “woke capitalism.”

Asked by Axios whether or not he’s in reality “woke,” Dimon responded, “I don’t even know what that means.”

“I just look at the issues: Is it right? Is it wrong? Should you do something about it? Is it proper for your company to do?”