Jamie Dimon gets raise despite JPMorgan's massive regulatory fines

The CEO's punishment following London Whale scandal was short-lived

Published January 24, 2014 5:36PM (EST)

  (AP/J. Scott Applewhite)
(AP/J. Scott Applewhite)

JPMorgan Chase's "punishment" was short-lived. Last year, following the egregious "London Whale" scandal --  a multibillion-dollar trading loss by the bank (which led to $1 billion in regulatory fines) -- Dimon's salary was cut in half to a measly $11.5 million.Wall Street memories are evidently as short as its pockets are deep. Dimon is getting a raise again. The New York Times reported:

JPMorgan’s board voted this week to increase Mr. Dimon’s annual compensation for 2013, hashing out the pay package after a series of meetings that turned heated at times, according to several executives briefed on the matter.

... JPMorgan’s directors may have decided that Mr. Dimon, as his peers may, should get a raise, but to ordinary Americans — and possibly to regulators — the decision to increase his compensation may seem curious given the banner penalties that federal authorities have extracted from the bank. It is not unheard-of for chief executives to lose their jobs when their companies have been battered by regulators.

By Natasha Lennard

Natasha Lennard is an assistant news editor at Salon, covering non-electoral politics, general news and rabble-rousing. Follow her on Twitter @natashalennard, email nlennard@salon.com.

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Banking Capitalism Inequality Jamie Dimon Jpmorgan Chase London Whale Raise Wall Street