Business

JPMorgan CEO Jamie Dimon may get 30% pay cut

The buck definitely stops with Jamie Dimon.

JPMorgan’s chief could see his pay slashed between 25 and 30 percent in the wake of the bungled “London Whale” trade, insiders told The Post. Based on the $23.1 million he took home last year, his paycheck could shrink to $16 million this year.

It’s a lot better than bupkis, but it means Dimon will lose bragging rights as Wall Street’s top-paid chief.

That’s despite what are expected to be record profits for the New York bank giant, which has been trying to make amends for the monstrous wrong-way derivatives trade that cost it $6.2 billion and tarnished the image of one of Wall Street’s most respected executives.

The potential pay cut is the latest fallout from the debacle that led the bank to reshuffle its top ranks, including the ouster of Ina Drew, who ran the Chief Investment Office responsible for the trade. French-born trader Bruno Iksil, the London Whale who executed the ill-fated trade, was also booted.

JPMorgan’s board — which met yesterday to review the trade following an internal 50-page report that detailed the bank’s missteps — is expected to meet again today.

The board may make the report public when it releases fourth-quarter results tomorrow. Analysts expect JPMorgan to post a revenue gain of 10 or 20 percent on the back of its lending business, including home loans, according to research firm FactSet.

In addition to blaming Dimon, the report places some of the onus on poor risk management by Doug Braunstein, who was financial chief at the time of the trade. Braunstein, who stepped down as CFO to take another position in the investment banking division, is also expected to take a pay cut along with other executives.

Ultimately, however, the bad bet that Dimon first described as a “tempest in a teapot” falls squarely on his shoulders. Sources say he accepts responsibility for initially failing to grasp the magnitude of the situation.

Meanwhile, the Office of the Comptroller of the Currency and the US Treasury yesterday censured the bank for its faulty risk management that led to the $6 billion loss.

While the bank sidestepped a monetary fine, the OCC ordered JPMorgan to fix the lapses, citing “inadequate oversight and governance to protect the bank from material risk.” The agency also issued a similar order to the bank to improve its money-laundering monitoring procedures.

A JPMorgan spokesman said the bank has improved its anti-money laundering controls and is working to beef up its risk management.