Despite the fact that JPMorgan Chase & Co. has recently been mired in regulatory and criminal probes – which ultimately cost the bank more than $23 billion in settlements – the person who oversaw the fiasco unfold is getting a big raise. As reported in the company’s public filing last week, JPMorgan’s board of directors opted to give CEO Jamie Dimon a 74% raise – or $20 million – last year, bringing his pay closer to where it stood before the board faulted his oversight of botched derivatives bets, reports a story in the Los Angeles Times.
Directors had previously cut Dimon’s 2012 pay after the company lost $6.25 billion on the so-called “London Whale” derivatives trade that Dimon once referred to as a “tempest in a teapot.”
Other tempests in the teapot that later proved noteworthy included a record settlement of $13 billion to resolve inquiries into mortgage-bond sales. The bank also paid $2.6 billion and avoided criminal prosecution while settling claims that it failed to stop disgraced broker Bernie Madoff’s Ponzi scheme.