JPMorgan Might Dock Dimon's Bonus Over 'Whale'

He will likely no longer be top-paid banking executive as a result

By John Johnson,  Newser Staff

Posted Jan 12, 2013 6:42 AM CST | Updated Jan 12, 2013 6:56 AM CST

(Newser) – He probably won't win a lot of sympathy for this, but it looks like JPMorgan's Jamie Dimon is going to lose bragging rights of being the nation's highest-paid banking exec. The board is expected to dock Dimon's 2012 bonus because of the disastrous "London whale" trading mess that cost the bank more than $6 billion, reports the Wall Street Journal. Last year, Dimon got a $4.5 million cash bonus, along with stock and option awards that brought his total compensation to $23.1 million. A sizable bonus hit would make Wells Fargo's John Stumpf ($19.8 million) the new compensation king. The bank releases earnings and an internal report on the Whale next week.

JPMorgan Chase CEO Jamie Dimon testifies before the Senate Banking Committee last June.   (AP Photo/Haraz N. Ghanbari, File)
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