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Backlash Against Jpmorgan Boss Jamie Dimon After He Branded Investors As 'lazy'

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The JPMorgan boss Jamie Dimon has been blasted as “removed from reality” and “insulting” after he branded his own investors “lazy” for voting against his multimillion-dollar pay deal.

At a conference in New York on Wednesday, the chief executive of the giant Wall Street bank said stockholders who had followed the recommendations of two influential professional advisory services and rejected Mr Dimon’s $20m (£13m) pay package last week were “irresponsible” and “not good investors”.

Luke Hildyard, deputy director of the High Pay Centre think-tank in the UK, said the “lazy” shareholders were the ones who voted in favour of Mr Dimon’s pay deal. “He must be totally removed from reality if he thinks closer scrutiny of lavish executive pay packages will result in higher levels of approval for top pay – rather than higher levels of condemnation” he said. “There will be many active and engaged shareholders who feel extremely insulted by Mr Dimon’s suggestions of lack of professionalism,” said Sarah Wilson, chief executive of the Manifest proxy voting agency.

Says a parasite.

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Ha, he could always resign!

On a more serious note, he has been at the helm for 10 years according to WIKI http://en.wikipedia.org/wiki/Jamie_Dimon

On January 24, 2014 it was announced that Dimon would receive $20 million for his work in 2013, despite what was reported as the bank’s worst year under Dimon’s reign. The award was a 74% raise, which included over $18 million in restricted stock.

$20m seems to be the general target for his renumeration.


From https://uk.finance.yahoo.com/q/mh?s=JPM

His share holding, I would calculate is worth over $200m, and JPM stock currently yields 2.8% priced at $65.78 according to bigcharts http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=jpm&time=9&startdate=1%2F4%2F1999&enddate=3%2F21%2F2014&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=1&maval=30&uf=0&lf=2&lf2=1&lf3=0&type=2&style=320&size=2&x=43&y=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=10

2.8% of $200m, minus $200m = $5.6m in dividend income.

76% of the stock is held by institutions and mutual funds, so it's not the little guy turning up at the annual meeting for his free coffee who's voting his pay deal down.

In 10 years, the stock price has been volatile and JPM has been affected like all other banks in the GFC. Although the price is now breaking out to new 10 year highs, it might be a bit early for him to ask for his current renumeration package.


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Hmm I would have thought there would be a lot more interest on this thread - did anyone watch the FT video? I think it is important to know about the people right at the top, and what motivates them (i.e. money and power!), because that ultimately that shapes the kind of world we live in - the old boy network hasn't changed since the GFC, and certainly it looks like business as usual.

Perhaps the only way that these top CEOs will increase their income, is to buy more shares or increase their yield - it might set a trend into increasing stock market yields in general.

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