JPMorgan chief gets $17 million pay package

After posting a $17.4 billion profit for 2010, JPMorgan Chase & Co. awarded Chief Executive Jamie Dimon restricted stock and options that could be worth $17 million.

The award is a large part of overall compensation for Dimon, who runs the second-largest U.S. bank by assets. It includes a grant of about $12 million worth of restricted stock, plus options worth about $5 million based on a commonly used valuation method.

Dimon's total pay for 2010 will likely be higher than that of most of his banking peers.

The details of his stock and option awards were released in a Thursday regulatory filing with the Securities and Exchange Commission.

Full details on his pay, including salary, any cash bonus and perks, will be released in a proxy filing later this year.

The image of bankers being awarded large pay packages after overseeing complex transactions that caused a near meltdown in the world economy became a political flashpoint during the financial crisis, and remains so even as the crisis recedes.

While some of the popular anger has died down, taxpayers have not forgotten the hundreds of billions of dollars that the U.S. government used to prop up the financial sector.

JPMorgan has repaid the $25 billion of bailout funds it took from the U.S. Treasury, and is widely considered to have weathered the crisis better than most other major U.S. banks.

However, it still must overcome a slowdown in trading revenue, litigation tied to mortgages and foreclosure activity, and a $6.4 billion lawsuit over its ties to imprisoned Ponzi schemer Bernard Madoff.

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Dimon was awarded 251,415 units of restricted stock, half of which vest Jan. 13, 2013, and half a year later, according to the filing.

He was also awarded 367,377 stock appreciation rights with a strike price of $47.73. These rights have a 10-year term and vest in five equal installments, beginning Jan. 19, 2012.

In comparison, Goldman Sachs Group chief Lloyd Blankfein was awarded $12.6 million of restricted stock. His salary more than tripled to $2 million. Morgan Stanley chief James Gorman received stock and option awards that could reach $7.4 million.

BlackRock Chief Executive Laurence Fink got $13 million of restricted stock, while Bank of America Corp. said Brian Moynihan was awarded restricted stock units worth up to $9.1 million.

Citigroup Chief Executive Vikram Pandit's salary will rise to $1.75 million from $1. Other elements of Pandit's compensation have not yet been disclosed.

Dimon could lose some of his award, or vesting could be delayed, if he were to be fired, hide important risks or hurt the bank's reputation, or if JPMorgan's financial performance were to suffer, the filing shows.