Jamie Dimon Gets Pay Raise After Raking Up $25 Billion In Legal Fees
J.P. Morgan cut CEO Dimon's pay to $11.8 mln in 2013
J.P. Morgan Chase & Co. JPM +0.71% CEO Jamie Dimon's pay fell to $11.8 million in 2013, compared with $18.7 million the year before, according to a Securities and Exchanges Commission filing on Wednesday. The CEO received a base annual salary of $1.5 million, stock awards valued at $10 million, and other compensation, according to SEC methodology. Dimon's pay was cut by the firm's board after the massive London Whale losses that cost the firm more than $6 billion. The firm's CFO Marianne Lake earned $8.23 million last year, which includes $730,000, as well as a $1.3 million bonus and more than $4 million in stocks awards and options. Former co-CEO of the investment bank who recently left the firm, Michael J. Cavanagh, earned $16.2 million in 2013.
Poor man 
Now he is not going to be able to tell : "That is why I am richer than you"
He will get his raise the next time he cheats their clients Next time he shouldn't flash with white house seal on a paper - Obama is not a guarantee for a high income any more
JPMorgan profit weaker than expected as trading revenue drops
JPMorgan Chase & Co posted far weaker-than-expected quarterly profit as uncertainty about the U.S. economy weighed on trading volumes and lending to consumers.
Results from the first of the major Wall Street banks to post earnings underscore how difficult the first quarter was for the financial sector. JPMorgan's bond trading revenue plunged 21 percent, and mortgage lending revenue fell 84 percent from the same quarter last year.
But most of the bank's big businesses, including credit card and commercial lending, delivered lower profits.
Overall, net income fell 19 percent to $5.27 billion, or $1.28 per share, from $6.53 billion, or $1.59 per share, in the same quarter of 2013, the biggest U.S. bank said on Friday.
Analysts on average had expected earnings of $1.40 per share, according to Thomson Reuters I/B/E/S. The net earnings for both the latest and prior quarters included special items.
Total net revenue fell 8.5 percent to $22.99 billion, falling well short of the average estimate of $24.53 billion.
JPMorgan's shares, which recently topped $61 to trade at their highest level in 13 years, were down 3.3 percent at $55.50 in premarket trading.
Chief Executive Jamie Dimon struck an upbeat note, however.
"We have growing confidence in the economy - consumers, corporations and middle market companies are in increasingly good financial shape and housing has turned the corner in most markets...," he said in a statement.
When asked whether the bank would take more risk to boost revenue, Dimon said the bank does not change its underwriting standards to boost revenue.
"We feel really good about the risks we're taking...for the future of the company," Dimon said on a conference call with journalists.
Dimon has been working to improve the bank's profitability after net income dropped 16 percent last year due to massive legal settlements and rising costs to improve compliance with laws and regulations
He probably overlooked the "-" in the -16% and was expecting some extra bonuses
JPMorgan profits fall 19% as mortgage business fades
US banking giant JPMorgan Chase has reported a sharp fall in profits at the start of 2014, which it blamed on declines in its mortgage business.
The bank said net income in the three months to the end of March was $5.3bn (£3.1bn) - a fall of 19% compared with a year earlier.
Profits from its mortgage business stood at $114m, down $559m from last year.
The figures mark the second successive quarterly fall in profits at the bank.
It comes as Wells Fargo, the biggest US mortgage lender, reported a higher-than-expected 14% rise in first-quarter net profit.
But it said the rise in profits was the result of a series of equity investment gains, which helped offset a continuing slowdown in its home loan business.
It said net income rose to $5.6bn in the first three months of 2014, from $4.93bn a year earlier.
Both JPMorgan and Wells Fargo suffered from a fall in remortgaging activity.
Wells Fargo provides almost one in five US home loans. It said income from mortgage banking fell by 46% to $1.5bn from $2.7bn a year earlier.
Applications for refinancing fell to their lowest share of total mortgage applications since July 2009 in the week ending 4 April, the Mortgage Bankers Association (MBA) said.
And Black Knight Financial Services said February was the worst month for new home loans since at least 2000.
Wells Fargo's new home loans fell to $36bn in the quarter from $109bn a year earlier and from $50bn in the fourth quarter.
The company had not made so few home loans since the third quarter of 2008, when the housing market was under heavy stress.
At the same time, profits from JPMorgan's corporate and investment banking division stood at $2bn, down from $2.6bn just three months earlier.
It probably fell because Dimon got a raise. He got lazy and he did not cheat as much as he did before
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Earlier this week we reportedthat at JPMorgan, the many will pay for the crimes of the few, after the bank revealed that compensation for most workers would be flat with 2012, and no raises were planned for the bank's employees as a result of the massive, $20+ billion legal bill the bank has raked up in recent months as one after another market manipulation, fraud and malfeasance by current and former JPM workers has been revealed. One person, however, will be exempt from this blanket punishment: the firm's CEO Jamie Dimon, of course. Because there is always a reason Jamie is richer than you...
From NYT: So what was the premise for the Dimon majority faction on the board to give him a raise?Well, "active role in negotiating settlements" sure is a new way to describe lying before congress about tempests in teapots. But at this point we are all well beyond the laughing stage. As for JPM's workers: we are confident they are delighted that while they get paid the same, their uberboss can afford one more fifth home.
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