Who is Jamie Dimon?
James Dimon, who goes by Jamie, has been chief executive officer of global banking giant JPMorgan Chase & Company JPM, which has about $3.3 trillion in assets, since January 2006. A career banker, he got his start in the industry working as an assistant for Sanford Weill in the 1980s. From a small lender, Commercial Credit, Dimon helped Weill orchestrate a series of mergers and acquisitions that culminated in the formation of Citigroup, which became one of the largest financial services companies in the U.S., in 1998. Soon thereafter, Dimon left Citigroup after a falling out with Weill.
Related: JPMorgan salaries: From executives to bank tellers
When did Jamie Dimon join JPMorgan?
After being dismissed from Citigroup, Dimon took a year off and joined Banc One as CEO in 2000 — turning the money-losing lender around and towards record profitability in just a few years. JPMorgan acquired Banc One in 2004, and a year later, Dimon was appointed CEO of JPMorgan.
How has JPMorgan’s stock performed under Jamie Dimon?
When Dimon became CEO in Jan. 2006, JPMorgan’s stock — adjusting for stock splits and dividend payments — was trading at around $40 a share. As of Nov. 3, 2023, the stock was trading at $143, for an increase of 257%. By comparison, in the same timeframe the bank’s shares exceeded the 240% gain in the S&P 500 Index.
What is Jamie Dimon’s pay?
As of 2022, Jamie Dimon had a base salary of $1.5 million, the highest salary among employees at the largest U.S. bank by assets and market capitalization. He started with a salary of $1 million in 2005, but the accumulated incentive pay packages since then have dwarfed his base pay. In 2006, his first full year as CEO, his base salary was $1 million, but additional compensation in the form of bonus and restricted stock was a reported $26 million.
In 2022, his total compensation amounted to $34.5 million, composed of his $1.5 million base salary and performance-based incentives of $33 million.
What is Jamie Dimon’s net worth?
Dimon’s wealth is largely tied to his holdings in JPMorgan’s shares, and the value of his shares is more than $1 billion. In a Form 8-K filing with the Securities and Exchange Commission in Oct. 2023, JPMorgan disclosed that Dimon and his family held 8.6 million shares, and Dimon had unvested shares totaling a little more than 2 million.
Based on the Nov. 3, 2023 stock price, those shares held and not yet vested were worth $1.5 billion. Including the hundreds of millions of dollars he earned since taking over the top job in 2006 (assuming he has spent some of that money), and investments, his net worth is likely at least $1.7 billion.
However, the October disclosure noted that Dimon and his family plan to sell 1 million shares starting in 2024, for financial diversification and tax-planning purposes. It will be the first time Dimon sells shares since he started work at JPMorgan, following the Banc One merger in 2004. Even with the intended sale of a million shares and assuming the stock price remains relatively the same, his net worth would still be around $1.5 billion — landing him among the wealthiest banking executives in the U.S.
How does Jamie Dimon make his money?
Dimon earns his living, like so many Americans, by drawing a paycheck. But that base salary is well above the 2023 national median salary of $57,200, which is based on U.S. Bureau of Labor Statistics data. But performance-based incentives make his additional compensation dwarf his base pay.
Under Dimon’s almost two decade tenure, revenue, profit, and assets have increased significantly, and the bank has rewarded its CEO for achieving internal targets. Still, his wealth is dependent on JPMorgan’s share price, and a major drop in the stock could push him out of billionaire status.
How old is Jamie Dimon?
Dimon was born on March 13, 1956. As of late 2023, Dimon was 67 years old, and has said he has no plans of retiring from the top job at JPMorgan anytime soon.
