JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon had his pay cut in half after the lender concluded reviews of an investment unit’s trading losses by finding he bears responsibility for the blunders.
Dimon’s compensation for 2012 was $11.5 million, compared with $23 million a year earlier, the New York-based bank said Wednesday on its website. His $1.5 million salary went unchanged while incentive awards fell to $10 million, all in restricted shares that vest over three years, from $21.5 million.
JPMorgan is seeking to rebuild investor trust after losing more than $6.2 billion in the first nine months of 2012 on bets by British trader Bruno Iksil, nicknamed the London Whale because his positions were so big.
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