By Jocelyn Alano April 21, 2024 09:03
Jamie Dimon, the chairman and chief executive officer (CEO) of JPMorgan Chase & Co, an American billionaire banker and business executive, has been a prominent figure in the banking and finance industry.
In 2024, his net worth stands at $2.1 billion, reflecting a $3 million rise compared to the previous year.
Professional Background
Before assuming the role of CEO at JPMorgan Chase, Jamie Dimon had nearly three decades of experience in the banking sector.
He gained recognition for orchestrating a series of mergers and acquisitions that led to the emergence of the financial services conglomerate Citigroup.
But in 1998, Dimon was fired from his position as Chief Financial Officer of Citigroup after clashing with the then-CEO Sandy Weill over his role at the company.
This event led him to join Bank One as CEO in 1999, which later merged with JP Morgan Chase, where Dimon became the president and chief operating officer of the combined company and eventually named CEO in 2006.
JPMorgan Stock Ownership
In October 2023, JPMorgan disclosed that Dimon and his family hold approximately 8.6 million shares, worth $1.2 billion.
Dimon also holds unvested Performance Share Units relating to 561,793 shares and Stock Appreciation Rights relating to 1,500,000 shares, subject to the terms and conditions of each grant.
Financial Outlook
In 2024, JPMorgan Chase closed out the most profitable year in US banking history with its seventh consecutive quarter of record net interest income and a surprise forecast that the windfall may continue.
The bank's net interest income (NII) came in at $24.2 billion in the final three months of the year, with the haul for the entire year expected to rise to about $90 billion, defying analyst expectations of a 2% drop. But the bank expects the quarterly figures to decrease throughout the year.
Despite this, shares of JPMorgan surged, reflecting investor confidence in the bank's performance.
Executive Compensation
In 2023, Jamie Dimon's compensation package was reported at $34.5 million, which included a base salary of $1.5 million and a $33 million bonus.
Over the years, Dimon has routinely made it to the top of the highest-paid American CEOs, attracting criticism for his compensation packages.
Although, his 2023 pay initially included a $50 million special award, which was eventually discarded by the company's board following shareholder complaints about his take-home pay.
Personal Life
Jamie Dimon's wife is Judith Kent, whom he met while attending Harvard Business School and married after graduating in 1983.
They have three adult daughters. Dimon is 67 years old and has faced two major health crises, including throat cancer in 2014 and emergency heart surgery in 2020.
Despite these challenges, Dimon has expressed his intention to remain CEO for "three and a half" more years, subject to his health condition.
All in all, Jamie Dimon's net worth in 2024 reflects his long-standing career in the banking industry, his leadership at JPMorgan Chase, and his substantial stock ownership in the company.
Despite facing health challenges and criticism regarding his executive compensation, Dimon's influence and wealth in the finance sector remain significant.
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