It’s not every day that a bank baron gets a pay cut — but with Jamie Dimon it’s getting to be a habit.
Dimon, JPMorgan Chase’s chief executive, was awarded $11.8 million in total compensation during 2013, 37 percent lower than what he collected the previous year.
The board sliced his pay following a trading fiasco that cost the bank more than $6 billion and tarnished Dimon’s reputation as Wall Street’s best risk manager. In 2011, he earned a record-breaking $23 million.
The 58-year-old Dimon received a salary of $1.5 million and stock valued by the company at $10 million, as well as other compensation, according to a filing Wednesday with the Securities and Exchange Commission.
The pay reduction makes Dimon one of the lowest-paid leaders of the nation’s top banking institutions.
In a letter to investors, Dimon said Chase had a “tin ear” when dealing with regulators before settling probes into mortgage lapses and trading losses.
“We should have done more self-examination [and] be better listeners,” he said in the letter.