JPMorgan Reports Record Revenue, Faces Stock Drop and Shareholder Rebuke
JPMorgan, the largest U.S. bank, has reported a record annual revenue of $132.3 billion in 2022. However, the year also saw a significant drop in the bank's stock market price and a shareholder rebuke of CEO Jamie Dimon's compensation package.
The bank's revenue climbed for the fifth consecutive year, reaching an all-time high. Despite this, JPMorgan's profits fell by 22% to $37.7 billion, still the second-highest on record. The bank's stock market price also dropped by 15% in 2022, the steepest yearly fall since 2011.
Jamie Dimon, the bank's CEO, received $34.5 million in compensation in 2022, the same as in 2021. This places him as the third-highest-paid CEO among the six largest U.S. banks. His compensation includes a $1.5 million salary, a $5 million cash bonus, and $28 million in restricted stock. However, shareholders rejected a $52.6 million share-options package offered to Dimon in 2021, with only 31% support. Following this, JPMorgan's board committed to not granting special awards to Dimon in the future.
JPMorgan achieved an 18% return on tangible common equity in 2022, surpassing its goal of 17%. The bank was also the first of the six biggest U.S. banks to file executive compensation information with the SEC in 2023.
Despite record revenues, JPMorgan faced a challenging 2022 with a significant drop in profits and stock market price. Jamie Dimon's compensation, while high, was met with shareholder disapproval. The bank's board has since committed to avoiding similar packages in the future.
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