Despite a 2013 that featured legal woes to the tune pf billions of dollars, venerable bank JPMorgan Chase has decided to hike the salary of its CEO, Jamie Dimon. On Jan. 23 the board of the bank voted to increase Dimon’s compensation package and affirmed that it would do so. While details of the package have not been released as of yet, the move comes after the same board cut Dimon’s salary in half last year, dropping it to $11.5 million.
That cut was the result of the then developing “London Whale” scandal, and the decision to cut salary arguably demonstrated serious consideration the banks misgivings. The New York Times reports that executives close to the matter said this discussion, which was also heated at times, was also a tone-setting exercise consistent with JPMorgan’s current standing.