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JPMORGAN CHASE & CO 8-K Report, Executive Changes (Jan 18, 2024)

Reports
Leadership Changes·Exhibits & Filings
Filing Date
Filed January 18, 2024
Period End
January 16, 2024
In the record · 2016–202610-K1110-Q328-K336

JPM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 336 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’22Jul ’22
  2. Leadership change8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed January 18, 2024. Cited figures are marked; the original filing is the authoritative source.

JPMorgan Chase & Co. (JPM) filed an 8-K on January 17, 2024, primarily announcing the annual compensation for CEO James Dimon for 2023.

Mr. Dimon's compensation was set at $36 milliona, an increase from $34.5 million in the previous year. This adjustment reflects the Board's recognition of his leadership in achieving record financial results, navigating significant market challenges including the regional bank turmoil, and successfully integrating the First Republic acquisition. The compensation structure remains largely consistent, with a base salary of $1.5 million and performance-based variable compensation of $34.5 million, the latter heavily weighted towards at-risk Performance Share Units (PSUs).

Key performance indicators cited for the compensation decision include the Firm's record revenue of $162.4 billionb and net income of $49.6 billion for 2023, alongside a Return on Tangible Common Equity (ROTCE) of 21%. The filing also highlights the Firm's strong balance sheet, evidenced by a Common Equity Tier 1 ratio of 15.0% and substantial cash reserves. JPM's ability to provide significant credit and capital to clients globally, coupled with ongoing strategic investments in technology and people, underscores the Board's confidence in Mr. Dimon's continued leadership.

02—Key points

Key Highlights

  1. CEO James Dimon's 2023 compensation approved at $36 million, up from $34.5 million in 2022.
  2. Compensation increase attributed to record financial results, leadership during regional bank turmoil, and First Republic acquisition.
  3. Variable incentive compensation ($34.5 million) is largely performance-based, with 86% delivered as at-risk Performance Share Units (PSUs).
  4. Firm reported record revenue of $162.4 billion and net income of $49.6 billion for 2023.
  5. Return on Tangible Common Equity (ROTCE) achieved 21% in 2023.
  6. Company maintained a strong balance sheet with a Common Equity Tier 1 ratio of 15.0% and substantial liquidity.
  7. JPM provided over $2.3 trillion in credit and capital to clients globally in 2023.

03—Questions

Frequently Asked Questions

  1. What is the total compensation for JPM CEO James Dimon for 2023?

    The total compensation for Mr. James Dimon for 2023 has been approved at $36,000,000. This includes a base salary of $1,500,000 and variable incentive compensation of $34,500,000.

  2. How much was James Dimon's compensation in the prior year?

    In the prior year (2022), Mr. James Dimon's annual compensation was $34,500,000.

  3. What are the key reasons cited for the increase in Mr. Dimon's compensation?

    The compensation increase is attributed to Mr. Dimon's leadership in achieving record financial results for the firm, successfully navigating the regional bank turmoil, and completing the acquisition of First Republic. The Board also cited the Firm's growth across all market-leading businesses and a strong balance sheet.

  4. What is the structure of Mr. Dimon's variable incentive compensation?

    Mr. Dimon's variable incentive compensation of $34,500,000 is primarily performance-based. Of this amount, $5,000,000 is in cash, and $29,500,000 is in the form of at-risk Performance Share Units (PSUs). These PSUs are tied 100% to ongoing performance metrics, representing 86% of his total variable incentive compensation.

04—Continue

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