JPMorgan CEO gets $16 million pay package

JPMorgan Chase & Co. CEO Jamie Dimon received a stock bonus valued at nearly $16 million for 2009 after steering the big bank through the aftermath of the financial crisis, the company said Friday.

Dimon's bonus carries several restrictions and can be recouped by the bank at any time and for any reason. The stringent measures are aimed at countering criticism over lavish pay at banks that helped cause the financial crisis and then received billions in taxpayer bailouts.

Like other big bank CEOs, Dimon received no cash bonus for 2009. Instead, he got $7.8 million in restricted stock and 563,562 in restricted stock options, JPMorgan said. The options are valued at about $8.1 million, bringing his total 2009 bonus to $15.9 million.

Also on Friday, Goldman Sachs Group Inc. reported that CEO Lloyd Blankfein is getting a $9 million stock bonus for 2009. The bank said in a securities filing that Blankfein will receive more than 58,000 shares of restricted stock. Blankfein can't cash in the shares for five years. He will receive no cash as part of his bonus.

Dimon's bonus disclosure shifted attention toward Goldman Sach Group Inc. CEO Lloyd Blankfein, whose 2009 bonus has yet to be disclosed. JPMorgan and Goldman have emerged from the financial crisis as two of the nation's strongest banks, earning billions in profits while rivals including Citigroup Inc. and Bank of America Corp. have suffered losses.

Still, neither JPMorgan nor Goldman have escaped scrutiny over employee pay packages. Both banks are paying bonuses to top executives in restricted stock instead of cash and are adopting "clawback" provisions in an effort to align pay with long-term performance.

Under JPMorgan's new pay structure, Dimon will be restricted from selling 75 percent of his total accumulated JPMorgan stock until he leaves the company, JPMorgan spokesman Joe Evangelisti said. In addition, JPMorgan's board can recoup the entire 2009 stock bonus under any circumstances, Evangelisti said.

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JPMorgan received $25 billion in bailout money in the fall of 2008 at the peak of the credit crisis. It paid back that money in the middle of 2009.

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Dimon received no bonus for 2008. He received a $27.8 million bonus for 2007, just before the financial crisis began to accelerate. Since then, JPMorgan has solidified its status as one of the nation's top banks. Dimon led the bank to four profitable quarters in 2009, including a $3.28 billion profit in the final three months of the year.

Even as furor over bank bonuses has grown, JPMorgan increased pay for its workers in 2009. The average pay per employee rose to $121,124 in 2009 from $101,110 a year earlier. The average pay in the investment banking division was about $380,000.

Dimon's stock compensation was disclosed in a securities filing called a Form 4. While those stock-based awards were to reward Dimon for his work in 2009, those awards will not be included in the calculation of total compensation that the company will present in its annual proxy statement due out later this year. The pay amounts included in the proxy will only reflect what was granted and paid in the fiscal year 2009.

The stock awards Dimon just received will be included in calculations of his total pay for 2010.