JPMorgan Chase boss Jamie Dimon got a 74% pay hike for last year, even though the bank was forced to pay billions in fines and settlements last year.
In a government filing Friday, JPMorgan Chase ( said Dimon would receive $18.5 million worth of restricted stock that will vest over the next three years as his 2013 bonus. That's up from a $10 million bonus for 2012. His $1.5 million base salary remains unchanged. )
The bank said its board considered "several key factors." Among them: JPMorgan's "sustained long-term performance" and its efforts to put its legal problems behind it.
Dimon, CEO and chairman, had his total 2012 pay slashed by about half to $11.5 million after JPMorgan suffered estimated trading loss of nearly $6 billion during the year attributed to a London trader known as the London Whale.
During 2013 the bank agreed to pay $1 billion in fines to U.S. and UK regulators for lack of proper oversight of its traders related to that loss.
But that was only a fraction the fines and legal expenses the bank shelled out during the year for a variety of transgressions.
SNL Financial estimates that total payouts by the bank came to $18.6 billion for 2013 alone, as well as more than $1 billion in attorney costs during the year.
Provisions for those payments forced the bank to report a loss in the third quarter, the first of Dimon's tenure as CEO. For the full year, the bank reported net income of $17.9 billion, down 16% from the previous year. But shares increased 33% during the year.
Dimon had been the top paid bank CEO in 2011 before the problems of the last two years.