Jamie Dimon gets a raise to $31.5 million after record 2019 profit at JP Morgan

J.P. Morgan Chase CEO Jamie Dimon got a 1.6% raise to $31.5 million for his work in 2019 after his bank posted record earnings and shares of the company surged.

Dimon’s compensation package includes $1.5 million in salary and $30 million in performance-based incentives, according to a filing released late Thursday.

Of the $30 million in incentives, $5 million will be delivered in cash and $25 million will come in stock compensation, according the filing.

2019 was a banner year for J.P. Morgan, the biggest U.S. bank by assets. It produced $36.4 billion in profit last year, more than any bank in history, and shares climbed more than 40%, exceeding rivals and the broader indexes. The firm gained market share across retail banking and institutional businesses.

Dimon said last week that he still wants to run J.P. Morgan for another five years.

Dimon is the second CEO of a big U.S. bank to disclose his pay for 2019. Last week, Morgan Stanley disclosed that it was paying CEO James Gorman $27 million, a 7% cut, after the bank’s shares underperformed some rivals.