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JPMorgan Chase rewards CEO Dimon: $20M pay for 2013

JPMorgan Chase almost doubled chairman and CEO Jamie Dimon's pay for 2013, rewarding the executive for settling probes against the bank.

Dimon will receive total compensation of $20 million for 2013, consisting of $18.5 million in stock options and a base salary of $1.5 million, the bank said in a statement Friday.

That compares with total compensation of $11.5 million a year earlier, down from $23 million in each of the previous two years.

Board members kept Dimon's pay below that of prior years after JPMorgan was beset by regulatory and criminal probes that cost the bank more than $23 billion in settlements last year. The directors had cut his package in half last January to $11.5 million after faulting his oversight of risky trading in what became known as the "London Whale" episode.

In raising Dimon's pay, the board of directors cited "sustained long-term performance; gains in market share and customer satisfaction; and the regulatory issues the company has faced and the steps the company has taken to resolve those issues," according to a regulatory filing.

The New York Times reported Friday that directors had decided to raise Dimon's pay after a series of meetings that turned heated at times.

JPMorgan spokesman Joseph Evangelisti said the Times' characterization of the director meetings was wrong.

JPMorgan agreed in November to pay $13 billion in a settlement with the Department of Justice and acknowledged that it misled investors about the quality of risky mortgage-backed securities before the 2008 financial crisis. The bank was among the major lenders that sold mortgage-backed securities that plunged in value when the housing market collapsed in 2006 and 2007.

Earlier this month, the bank reached an agreement to pay $1.7 billion to settle criminal charges stemming from its failure to report its concerns about Wall Street swindler Bernard Madoff's private investment service.

JPMorgan Chase & Co.'s stock price climbed $14.51, or 33 percent, to $58.48 in 2013, a bigger gain than Standard & Poor's 500 index, which rose almost 30 percent.

The bank's net income fell 16 percent to $17.9 billion in 2013, from $21.3 billion a year earlier.

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