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

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JPMorgan Might Dock Dimon's Bonus Over 'Whale' — JPMorgan Chase CEO Jamie Dimon testifies before the Senate Banking Committee last June. (AP Photo/Haraz N. Ghanbari, File)

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. (Read more Jamie Dimon stories.)