JPMorgan's Dimon extends reign as best-paid Wall Street CEO

Citigroup's Corbat got the biggest raise last year, a 48% increase to $23 million

Feb 16, 2018 @ 12:10 pm

By Bloomberg News

For the second straight year, Jamie Dimon was the highest-paid chief executive officer of a Wall Street bank, while Michael Corbat got the biggest raise for 2017.

Mr. Dimon, the JPMorgan Chase & Co. CEO, was paid $29.5 million, a 5.4% raise that was the smallest increase among the five biggest Wall Street banks. Citigroup Inc. boosted Mr. Corbat's pay 48% to $23 million.

Mr. Corbat, 57, oversaw a 25% jump in Citigroup's shares last year that outpaced the 16% increase in the 24-company KBW Bank Index. Revenue climbed 2.3% from 2016 to $71.4 billion.

Mr. Dimon's award was his second-biggest since taking the top job in 2005. JPMorgan posted record adjusted profit of $26.5 billion for 2017 and its shares rose 24%.

Goldman Sachs Group Inc. CEO Lloyd Blankfein, once the highest-paid CEO on Wall Street, lagged behind Mr. Dimon and Morgan Stanley's James Gorman. Mr. Blankfein's award rose 9% to $24 million after Goldman posted a 30% plunge in fixed-income trading revenue for the year. The firm's market value dropped below Morgan Stanley's last month, snapping a 4,105-day streak that started in 2006.

Morgan Stanley gave Mr. Gorman the second-biggest package for 2017, a $27 million award that was 20% higher than a year earlier.


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