Tell us about your experiences with Marketplace. Enter To Win
Weekly Wrap

Weekly Wrap: Does Jamie Dimon deserve a raise?

Kai Ryssdal Jan 24, 2014
HTML EMBED:
COPY
Weekly Wrap

Weekly Wrap: Does Jamie Dimon deserve a raise?

Kai Ryssdal Jan 24, 2014
HTML EMBED:
COPY

JPMorgan Chase has been in the news a lot recently, for it’s fines and legal settlements. Today the bank made headlines when the board of directors approved a 74 percent pay raise for CEO Jamie Dimon. The bank announced on Friday that Dimon’s total pay package for this year was $20 million.

“Look at it this way. This board has stood behind Jamie Dimon over-and-over again, if you remember when there was pressure for him to split the chairman and CEO roles,” says Leigh Gallagher from Fortune Magazine. “The company is doing very well. And this is what happens when companies do well. Their CEO’s get rewarded.”

But, if you remember, Dimon faced a pay cut last year after criticism of his management following massive trading losses in the so-called ‘London Whale’ affiar.

“Here’s the big problem with his big raise: It makes a mockery of his pay cut last year. Because he just gets it all back,” adds John Carney from CNBC. “This is a terrible lesson for CEOs everywhere. It’s like, ‘Okay, we’ll pretend to punish you one year, and so really all you got was a delay in your extra $10 million.”

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.