JPMorgan CEO Jamie Dimon’s annual compensation for 2024 rose to $39 million as the bank reported record-breaking revenue for the seventh year running.
In an SEC filing seen by Fortune, the Wall Street giant confirmed Dimon had been awarded a $3 million pay rise compared to his compensation package a year ago.
Dimon—seen as something of a white knight for the financial industry—announced earlier this year that his timeline for passing on the top job at JP is no longer five years.
The board at America’s biggest bank will certainly be sorry to see him go after Dimon helped the company deliver record-breaking revenues of $180.6 billion in 2024, as well as record net income of $58.5 billion.
With that in mind, Dimon’s compensation package was linked to developing talent among the ranks who could take over from him upon his upcoming retirement.
“The board evaluated Mr. Dimon’s holistic performance across financial and non-financial performance dimensions, as well as the competitive environment, in determining his compensation,” the filing reads.
“As part of their evaluation and determination, the board considered Mr. Dimon’s continued development of top executives to lead for today and the future, his continued commitment to shareholders and his longstanding exemplary leadership of a premier financial services firm,” it adds.
Indeed, the closely-watched race for who will take over the corner office at JPMorgan seems to be entering its final stages.
Only a week ago Dimon’s “hit-by-a-bus CEO,” Daniel Pinto, announced he was retiring in 2026.
The news came as something of a surprise—to the outside world at least—as the COO and president had been confirmed multiple times as the man equipped to step into the number one role if needed.
Dominoes further fell in the succession race as Jennifer Piepszak, also one of the loyal lieutenants previously eyed for the role, bowed out of contention.