JPMorgan upped its CEO’s pay to $31.5 million for 2019, according to news reports.

The raise represents just a 1.6% increase over CEO Jamie Dimon’s 2018 compensation, the Financial Times writes.

Dimon earned a salary of $1.5 million in 2019, which was unchanged from the previous year, as well as a cash bonus of $5 million and an equity award that will be tied to the company’s share price performance over the coming years but is currently valued at around $25 million, according to the paper, which cites regulatory filings submitted last week.

JPMorgan posted record net income of $36.4 billion in 2019, the FT writes.

After Dimon, the highest-paid executives at the company were JPMorgan’s co-presidents Daniel Pinto and Gordon Smith, who each earned $22.5 million, up 2.3% from the prior year, while asset and wealth management boss Mary Erdoes made $21 million, up 2.4% over the prior year, according to the paper.

Jamie Dimon (Getty)

Dimon was the highest-paid big-bank chief in 2018, and his pay bump suggests that’s the case for 2019, the FT writes. His closest competitor is Morgan Stanley CEO James Gorman, who was paid $27 million last year, down 7% from 2018, according to the paper.

News of Dimon’s raise comes on the heels of Morgan Stanley slashing Gorman’s compensation by around 7%. The firm’s wealth management unit delivered a record $4.6 billion and its assets under management grew 17% during 2019, to $2.7 trillion, but its advisor ranks shrank from 15,694 at the end of 2018 to 15,468 at the end of 2019.

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