JPMorgan chief executive officer Jamie Dimon has said the $31.5 million compensation he received in 2020 was up to the company’s board — and dismissed the possibility of asking the board to pay him less, according to news reports.
“The board decides what I make,” Dimon told Axios co-founder James VandeHei in Axios’ HBO program, according to Bloomberg. Asking the board to cut his pay, as VandeHei suggested, would cause the board to “take offense,” the news service writes.
“We pay people to do a great job,” Dimon said, according to Bloomberg. “They could all sell their services elsewhere. I need to maintain the best team on the playing field. And I need to pay them fairly to do that. You may not like that, but that’s what it is.”
Dimon also brushed away the possibility of stepping away from JPMorgan in light of his medical issues, according to the news service.
Last year, Dimon had emergency heart surgery for an acute aortic dissection, described by the American College of Cardiology as “one of the most lethal cardiovascular conditions."
“I love what I do,” he told VandeHei, according to Bloomberg. “I have hobbies, I read, I love history, I love wine, I love hanging out with my family, I like traveling, but I also like having a purpose and my purpose is JPMorgan. To me, that’s what I do and I like doing it, and I’m going to do it until the day I die.”
Dimon also shed little light on how the firm decides when to comment on major political issues.
Asked by VandeHei about how he decides when to the bank should take a stand, including on Texas’s recent push to outlaw abortions, Dimon said he gets “a lot of stuff to take positions on, and some we do, some we don’t, some we can’t,” according to Bloomberg.
Dimon also dismissed criticism of him being “woke,” claiming he doesn’t know what it means, the news service writes.
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